Important Monthly Current Affairs Capsule – June 2024

S. No Topics Page No

1. IMPORTANT DAYS 03

2. NATIONAL NEWS 10

3. INTERNATIONAL NEWS 54

4. STATE NEWS 63

5. BUSINESS NEWS 75

6. BANKING AND ECONOMY 97

7. AWARDS AND HONOURS 175

8. APPOINTMENTS & RESIGNATIONS 180

9. MOUS AND AGREEMENT 203

10. RANKING AND INDEXES 214

11. ACQUISITIONS & MERGERS 221

12. DEFENCE NEWS 228

13. SCIENCE & TECHNOLOGY 239

14. SPORTS NEWS 249

15. BOOKS AND AUTHORS 262

16. OBITUARIES 262

 IMPORTANT DAYS
World Milk Day 2024: June 1
• Every year on June 1, World Milk Day is commemorated.
• This year’s theme will focus on celebrating the vital role dairy plays in delivering quality nutrition to
nourish the world. Dairy is an accessible, affordable, and nutrient-dense food, and an essential part
of balanced diets across the world.
• In 2001, World Milk Day was established by the Food and Agriculture Organisation of the United
Nations to recognize the importance of milk as a global food, and to celebrate the dairy sector.

Telangana Formation Day 2024: June 2

• On June 2nd, Telangana Formation Day 2024 is observed by the Telangana people.
• It is a national event celebrated annually on June 2nd to celebrate the day when Telangana was
formed from the state of Andhra Pradesh.
• In 2014, the bill was introduced in the Indian Parliament, and the same year, the Andhra Pradesh
Reorganisation Act was passed.
• According to the bill, Telangana would be formed by 10 districts in northwestern Andhra Pradesh.

World Bicycle Day 2024: June 3

• World Bicycle Day is celebrated all over the globe every year on the 3rd of June to recognize the
versatility and uniqueness of the bicycle, as well as its reliability and sustainability as a mode of
transportation.
• The celebration of World Bicycle Day honours the bicycle for providing people with a distinctive,
durable, and sustainable mode of transportation.
• The theme of World Bicycle Day 2024 is “Encouraging good health, fairness, and sustainability
through cycling.

International Day of Innocent Children Victims of Aggression: June 4

• Every year on June 4th, the International Day of Innocent Children Victims of Aggression
acknowledges the pain that children around the world suffer.
• In 1982, the International Day of Innocent Children Victims of Aggression was established on
August 19.
• In 1997, U.N.O.D.C. was established.
World Environment Day 2024: June 5
• Every year on June 5th, World Environment Day raises public awareness about various concerns
such as increasing deforestation, which contributes to global warming.
• Organised by: United Nations General Assembly (UNGA)
• Theme: “Land Restoration, Desertification and Drought Resilience”
• The first World Environment Day was celebrated in 1973 with the theme “Only One Earth”.

Russian Language Day is celebrated on 6 June at the UNESCO Headquarters

• The UN Russian Language Day is celebrated on 6 June – the birthday of the great Russian poet
Alexander Pushkin.
• This Day was set by the decision of the UN Department of Public Information in 2010.
• Its celebration, along with the days of the other official UN languages, was welcomed by the UN
General Assembly in 2017 and supported by the UNESCO 215th Executive Board (2022).
• It is the second time (first was in 2023) when the Russian Language Day is celebrated at the
Organization’s Headquarters.
World Food Safety Day 2024: June 7
• Every year on June 7th, World Food Safety Day is commemorated.
• Theme: “Food safety: prepare for the unexpected”
• World Food Safety Day was established by the United Nations General Assembly in December
2018.
• It was first celebrated on June 7, 2019.
• The World Health Organization (WHO) and the Food and Agriculture Organization (FAO) of the
United Nations play a key role in promoting this day and its activities.

World Brain Tumour Day 2024: June 8

• Every year on June 8th, World Brain Tumor Day is commemorated.
• The day raises awareness of brain tumours and educates people about them.
• The theme of World Brain Tumour Day 2024 is 'Brain Health and Prevention'.
• The history of World Brain Tumour Day goes back 24 years when it was first observed in the year
2000 by a Leipzig-based NPO Deutsche Hirntumorhilfe e.V or German Brain Tumour Association.

World Oceans Day 2024: June 8

• Every year on June 8th, World Ocean Day is commemorated to raise awareness of the ocean's vital
role in human life and ways to conserve it across the world.
• The theme for World Oceans Day 2024 is “Awaken New Depths”.
• In 1992, during the Earth Summit in Rio de Janeiro, the notion of World Ocean Day was introduced.
• On June 8, 2009, The United Nations General Assembly formally designated the day with Resolution
63/111.

World Day Against Child Labour 2024: June 12

• World Day Against Child Labour 2024 is observed all over the world on June 12th as an awareness
event to protect children against labour.
• The theme for World Day Against Child Labour 2024 is – Let's act on our commitments: End Child
Labour!
• In 1919, The International Labour Organization (ILO) was founded to promote social justice and
establish International Labor Standards. ILO has 137 states as members.

Russia Day: June 12

• Russia Day is a national holiday in Russia observed every year on June 12.
• On December 25, 1991, the country was renamed the Russian Federation.
• The festival to mark this occasion in the world’s largest country, however, has undergone two name
changes since then.
• And although it was not a national holiday, it was initially termed ‘Independence Day.’

International Albinism Awareness Day 2024

• International Albinism Awareness Day is observed on 13 June every year to raise awareness
about albinism, a rare, genetically inherited condition that causes a lack of pigmentation in the
skin, resulting in uncharacteristically light hair, skin, and eyes.
• This year's theme for International Albinism Awareness Day is “10 years of IAAD: A decade of
collective progress.”

World Blood Donor Day 2024: June 14

• Every year, World Blood Donor Day is observed on June 14. This year, World Blood Donor Day
falls on Friday.
 • In 1940, a scientist called Richard Lower performed a blood transfusion between two dogs
without any ill effects.
• In 2005, The World Health Assembly announced June 14 to be observed as World Blood Donor
Day every year.
• The theme of this year's World Blood Donor Day Is - 20 years of celebrating giving: thank you,
blood donors.

Global Wind Day 2024: June 15

● Global Wind Day, which is observed on 15 June every year, raises awareness about the importance
of wind energy and its power to alter the globe.
● In 2007, The European Wind Energy Association (EWEA) organized the first Wind Day.
● In 2009 the EWEA joined forces with the Global Wind Energy Council (GWEC) and made it a
worldwide event.

World Elder Abuse Awareness Day 2024: June 15

● On June 15th, every year the world commemorates World Elder Abuse Awareness Day.
● This day is marked in order to raise awareness about the plight of the elderly who are abused and
harmed.
● The theme of World Elder Abuse Awareness Day 2024 is 'Spotlight on Older Persons in
Emergencies.'
● In 1978, SAGE was formed and the Advocacy and Services for LGBT elders were created.
● In 1983, The first book on elder abuse, “Abuse and Maltreatment of the Elderly: Causes and
Interventions”, was published.

World Day to Combat Desertification and Drought: June 17

● Every year on June 17th, the World Day to Combat Desertification and Drought is commemorated to
increase public awareness about the critical need to combat desertification and drought.
● The theme of this year's World Day to Combat Desertification and Drought is - 'United for Land. Our
Legacy. Our Future. "
● In 1994, The UN General Assembly established the United Nations Convention to Combat
Desertification (UNCCD) - the legally binding international agreement linking environment,
 development and sustainable land management.
● In 2007, the UN General Assembly declared the decade of 2010 to 2020 as the United Nations
Decade for Deserts and the fight against Desertification.

Autistic Pride Day 2024: June 18

● Every year on June 18th, the globe celebrates Autistic Pride Day to raise awareness that autism is a
condition, not a disease.
● Aspies for Freedom established Autistic Pride Day in 2005 by Aspies for Freedom to improve public
awareness and celebrate the similarities and differences among persons with autism.
● Aspies For Freedom (AFF) is a grassroots advocacy and solidarity organisation dedicated to
increasing public awareness of the autism rights movement.
● AFF's mission is to inform the public that autism is not necessarily a handicap and that there are
benefits as well as drawbacks

World Sauntering Day 2024: June 19

● On the 19th of June every year, World Sauntering Day is observed each year all over the world to
encourage people to slow down and appreciate the world around them and connect with nature.
● In 1979, W.T. Rabe established World Sauntering Day.
● He was the one who started this holiday in the 1970s.
● This day was created in response to jogging's growing popularity. W.T. Rabe, it appears, has also
devised a few sauntering norms.
● The purpose of commemorating this day is to encourage people to take a break, enjoy life, and
appreciate what they have.

World Sickle Cell Awareness Day 2024: June 19

● Every year on June 19th, World Sickle Cell Day is commemorated to raise awareness of the human
Sickle Cell illness.
● The theme of 2024 is “Hope Through Progress: Advancing Care Globally.”
● The UN declared the day, and it has served to raise awareness of the condition, its organization, the
care and measures that should be taken, and the treatment that should be given to someone who is
suffering from it.
● The United Nations General Assembly declared World Sickle Cell Day in 2008 to promote
awareness of sickle cell illness.

World Refugee Day 2024: June 20

● Every year on June 20th, World Refugee Day is commemorated to raise awareness of the plight of
refugees and the difficulties they face.
● World Refugee Day traces its origins to Resolution 55/76 of the United Nations General Assembly,
adopted on December 4, 2000.
● This resolution was introduced to raise awareness about the increasing global refugee population
and to commemorate the 50th anniversary of the 1951 Refugee Convention.
● The 1951 Refugee Convention emerged in the aftermath of World War II and established the
foundational legal framework for protecting and ensuring the rights of refugees.

World Hydrography Day 2024: June 21

● Every year on June 21st, World Hydrography Day is commemorated to promote awareness about
the importance of hydrography, safe navigation, and maritime environmental conservation
● The theme of 2024 is “Hydrographic Information - Enhancing Safety, Efficiency and Sustainability in
Marine Activities”.
● The International Hydrographic Bureau was founded in 1921 to provide a forum for states to confer
on issues such as safe navigation, technical standards, and the conservation of the maritime
environment.
● The international commemoration of World Hydrography Day began in 2006.
● The day honors hydrographers' efforts and raises awareness about the vital importance of
hydrography in people's lives.

International Yoga Day 2024: June 21

● Every year on the 21st of June, International Yoga Day is commemorated to create awareness
about the relevance and advantages of yoga in everyone's life.
● The 2024 theme, "Yoga for Self and Society”.
● On December 27, 2014, The Prime Minister proposed that the UN General Assembly commemorate
International Yoga Day with the goal of boosting public awareness about the relevance of yoga
around the world.
● On June 21, 2015, the first International Yoga Day was observed all around the world.

World Music Day 2024: June 21

● On 21st June, World Music Day 2024 is celebrated all over the globe to celebrate music among the
public.

● Fête de la Musique was held in Paris in 1982 to commemorate World Music Day. This day was
arranged by two members of the French Minister of Culture, Jack Lang, a French politician, and
Maurice Fleuret, a composer, music journalist, radio producer, and arts administrator.

International Widow’s Day 2024: June 23

● International Widows Day is observed all over the universe each year on the 23rd of June to
draw attention to widows' voices and experiences and galvanize the exceptional support they
need.
● Widows had to immolate themselves on their late husband's funeral pyre before 1827.
● In 2005, the Loomba Foundation established International Widow's Day in honor of Loomba's
mother, who became a widow on June 23, 1954.
● The main aim of International Widow’s day is to provide education to the widows’ children,
provide them with healthcare facilities, and develop various resources and policies to empower
widows.

United Nations Public Service Day 2024: June 23

● The United Nations Public Service Day is celebrated on June 23 of every year to celebrate the
value and virtue of public service to the community; highlight the contribution of public service in
the development process; recognize the work of public servants, and encourage young people to
pursue careers in the public sector.
● Every year on June 23rd, the United Nations Public Service Day is observed to emphasize the
importance and virtue of public service to the community, to acknowledge their commitment to
the development process through public service, and to encourage youngsters to choose a
career in the public sector.
● By approving resolution 57/277 on December 20, 2002, the United Nations General Assembly
declared June 23rd as United Nations Public Service Day.
International Olympic Day 2024: June 23
● Olympic Day Run or International Olympic Day is celebrated on June 23 all around the world.
● The day embraces all through pure Olympic values.
● The theme for Olympic Day 2024 is 'Let's Move and Celebrate', aiming to inspire people
worldwide to engage in daily physical activity. Abhinav Bindra, India's first individual gold
medallist at the Olympics, shared his thoughts on his social media handle.
● Venezuela, Belgium, Canada, Switzerland, Portugal, Greece, Austria, the United Kingdom, and
Uruguay commemorated the first Olympic Day on June 23, 1948.
● The National Olympic Committee picked June 23 to commemorate the International Olympic
Committee's (IOC) formation on the same day in 1894.

International Day against Drug Abuse & Illicit Trafficking 2024: June 26
● Every year on June 26th, the International Day Against Drug Abuse and Illicit Trafficking 2024 is
commemorated to raise awareness about the impact and negative consequences that drugs
have on society.
● 2024 THEME: “The evidence is clear: invest in prevention”
● On December 7, 1987, the United Nations General Assembly established June 26 as
International Day Against Drug Abuse and Illicit Trafficking. During the early twentieth century,
the global epidemic of drug usage was already recognized.

World Asteroid Day 2024: June 30

● World Asteroid Day, observed annually on June 30, is a global event aimed at raising awareness
about asteroids and the potential hazards they pose to our planet.
● This day serves as a reminder of the importance of scientific research and international
collaboration in detecting and mitigating asteroid impacts.

NATIONAL NEWS
Global unemployment rate is expected to fall slightly to 4.9% in 2024: ILO
• According to the International Labour Organization (ILO), the global unemployment rate is expected
to decrease slightly to 4.9% this year from 5.0% in 2023, despite persistent inequalities in labour
markets.
• In January, the ILO, a United Nations agency, forecasted unemployment to rise to 5.2% due to an
anticipated increase in joblessness in advanced economies.
• However, the latest revision attributes the adjustment to lower-than-expected unemployment rates in
China, India, and high-income countries reported so far this year.

DoT allows separate numbering series exclusively for service and transactional voice calls
• In its ongoing effort to combat Unsolicited Commercial Communication (UCC), the government has
introduced a dedicated numbering series, 160, exclusively for service and transactional voice calls
per the Telecom Commercial Communication Customer Preference Regulation (TCCCPR), 2018.
• Entities such as government (Centre/State) and Regulators will be assigned numbers with a prefix of
1600, while Financial Entities regulated by RBI, Sebi, PFRDA, and IRDA will have a prefix of 1601.

CDRI launches $8 million funding initiative for disaster resilient infrastructure in small island developing
states
• During the UN 4th International Conference on Small Island Developing States (SIDS) in Antigua
and Barbuda, the Coalition for Disaster Resilient Infrastructure (CDRI), headquartered in New Delhi,
announced a Call for Proposals aimed at funding projects to enhance infrastructure resilience in
SIDS.
• The funding appeal, amounting to $8 million, was unveiled at the SIDS4 Conference in Antigua and
Barbuda as part of CDRI's Infrastructure for Resilient Island States Programme (IRIS).
• IRIS has been honoured with the 2024 UN SIDS Partnership Award, acknowledging its role in
fostering sustainable development in SIDS through innovative and impactful partnerships.

India assumes the chair of Colombo Process for 2024-26

• India's assumption of the chairmanship for the regional grouping Colombo Process marks the first
time since its inception in 2003.
• The Colombo Process is a regional consultative forum consisting of 12 member states across Asia.
• India has assumed the Chair of the Colombo Process for the term 2024-26, marking its first tenure in
this position since the establishment of the forum.

BIMSTEC-India Marine Research Network BIMReN Launched

 • The Government of India has launched BIMReN (BIMSTEC-India Marine Research Network), a
joint initiative of the Ministry of External Affairs (MEA) and the Bay of Bengal Programme-Inter
Governmental Organization (BOBP-IGO).
• The aim is to foster sustainable development of the blue economy by connecting researchers and
research institutions in BIMSTEC countries.
• BIMReN seeks to promote collaborative research and development in the blue economy sector
through the following initiatives:
About BIMSTEC
• The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is
an international organization consisting of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka,
and Thailand.
• Formed on 6 June 1997 through the Bangkok Declaration,
• its headquarters is located in Dhaka, Bangladesh.

After Dearness Allowance, the government hikes the gratuity limit for central govt employees by 25%
• The government has decided to raise the gratuity limit for central government employees by 25%,
effective January 1, 2024.
• The new limit has increased from ₹20 lakhs to ₹25 lakhs.
• Understanding Gratuity
• Gratuity refers to the amount paid by an employer to an employee in recognition of their long and
meritorious service.
• It is provided under the Payment of Gratuity Act, 1972, and is granted to employees who have
completed at least five years of continuous service with the employer.

Centre Launches New Mobile Number Series For Service, Transactional Calls
• The Centre has launched a new numbering series, 160xxxxxxx, specifically for service or
transactional calls.
• This initiative aims to help citizens easily identify legitimate calls and curb unsolicited voice calls
from telemarketers using 10-digit mobile numbers.
• Currently, the 140xxxxxxx series is allocated to telemarketers for promotional, service, and
transactional calls.
Supreme Court reconstitutes committee on gender sensitisation
• The Supreme Court of India has reconstituted its Gender Sensitisation and Internal Complaints
Committee in line with the Gender Sensitisation and Sexual Harassment regulations of 2013.

India to Host 81st IATA Annual General Meeting in 2025

• India is set to host the prestigious annual general meeting (AGM) of the International Air Transport
Association (IATA) in 2025, marking a significant milestone after 42 years.
• The IATA AGM is widely regarded as one of the most significant events in the aviation industry's
calendar, bringing together key stakeholders to discuss pressing issues and innovations shaping
the sector.
• IndiGo, India's largest airline by market share, will be the host airline for the AGM and the
accompanying World Air Transport Summit.
• The event is scheduled to take place in Delhi from June 8 to 10, 2025.

Over 1 lakh farmers voluntarily gave up their PM-Kisan benefits last year(2023)
• According to the Union Ministry of Agriculture and Family Welfare, 116,000 farmers have
voluntarily surrendered their benefits under the Pradhan Mantri Kisan Samman Nidhi (PM-
Kisan) scheme from June 2023 to May 2024 period across the country.
• Of the 116,000 farmers who have voluntarily given up the scheme maximum are from Bihar
followed by Uttar Pradesh and Rajasthan.
Following are the top states where farmers have surrendered their PM-Kisan benefit
➢ Bihar -.29176 farmer’s families
➢ Uttar Pradesh -26.593 farmer's families
➢ Rajasthan -10,343 farmer’s families
➢ Maharashtra-7,825 farmer's families
➢ Jharkhand- 6,215 farmer’s families

National Pension System assets surge 28% to ₹12.16 lakh crore

 • National Pension System’s (NPS) assets under management (AUM) have touched ₹12.16 lakh
crore as of May 25, the latest data from the Pension Fund Regulatory and Development Authority
(PFRDA) showed.
• The AUM is up by 28 per cent from ₹9.52 lakh crore a year ago.
• The overall AUM, including Atal Pension Yojana (APY), was also higher than the March 2024
level of ₹11.73 lakh crore.
• In August last year, the NPS assets had touched ₹10 lakh crore.

NOTA gets over 1.7 lakh votes in Indore LS seat, breaks previous record of Gopalganj
• Following the Congress' appeal to electors in Madhya Pradesh's Indore to select the 'None of the
Above' option, it has so far got more than 1.7 lakh votes in the Lok Sabha seat, breaking the
previous NOTA record of Gopalganj in Bihar.
• NOTA gives an option to voters to reject all candidates in a constituency.
• In the 2019 elections, the Gopalganj Lok Sabha seat in Bihar recorded the maximum NOTA
votes at 51,660, about 5 per cent of the total votes polled in the constituency.

CBIC initiates process to replace 80 years old Central Excise Act

• Ahead of the formation of the new Government, the Central Board of Indirect Taxes and Custom
(CBIC) released a draft of a new Bill to amend the Central Excise Act.
• The proposed Bill, once enacted, will replace 8 decades’ Act - the Central Excise Act.
• The Bill comprises twelve chapters, 114 (one hundred and fourteen) sections and two schedules.
• The existing Act has 11 chapters with over 110 Sections and 4 Schedules.
• Post introduction of GST, Central Excise is levied mainly on petroleum products.
Coal and Lignite PSUs Lead the Way in Land Restoration and Sustainability
• The Ministry of Coal has unveiled a report detailing the strides made by Coal and Lignite Public
Sector Undertakings (PSUs) in land restoration and sustainability.
• According to a press release by the Ministry of Coal, amidst rising energy demands, these PSUs
have ramped up coal production and made notable progress in environmental preservation through
comprehensive land reclamation and greening efforts.
• This global focus aligns seamlessly with the Ministry of Coal’s newly released report, “Greening
Initiative in Coal & Lignite PSUs,” which showcases the ambitious efforts of coal and lignite PSUs in
transforming mined-out areas into vibrant green spaces.

DoT to undertake MSME survey to push industry 4.0 applications

• The Department of Telecommunications has launched a comprehensive survey aimed at
understanding and resolving the challenges encountered by Micro, Small, and Medium Enterprises
(MSMEs) in adopting new technologies.
• This initiative seeks to establish a robust ecosystem that harnesses the potential of cutting-edge
technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and the
integration of 5G and 6G networks.
• Over 60 days, the survey will cover five sectors each in North and South India. It is designed to
unveil sector-specific requirements across a minimum of ten industries.

NHAI invites global bids for GNSS-based electronic toll collection

● NHAI has invited expressions of interest (EoIs) from around the world for the implementation of
GNSS-based electronic toll collection (ETC) on National Highways.
● Objective: The aim is to provide a seamless and barrier-free tolling experience for users of National
Highways.
● Technology Description: GNSS-based Electronic Toll Collection (ETC) is a barrier-free method that
utilizes Global Navigation Satellite System (GNSS) technology.
● Functionality: The system tracks vehicles and calculates tolls based on the distance travelled on
tolled highways.

ECI reports 65.79 per cent overall voter turnout: Lok Sabha elections 2024
● The Election Commission reported an overall voter turnout of 65.79 percent in the General Elections
2024 at the polling stations.
● Seven Phases: The elections were conducted in seven phases from April 26 to June 1, with the
counting of votes taking place on June 4.
● Total Voters: A total of 64.2 crore voters exercised their franchise in the 2024 elections.
● Highest Turnout: Lakshadweep recorded the highest voter turnout of 84.16 percent, followed by
Assam with 81.56 percent and Tripura with 80.93 percent.
NHRC seeks report on ‘sale of underage girls’ as part of ‘Nata Pratha’
● The National Human Rights Commission (NHRC) has issued a notice to Uttar Pradesh, Madhya
Pradesh, Rajasthan, and Gujarat following a 2020 case where a father sold his daughter for 2.5
lakhs. The girl was later found dead.
● Complaint: The father lodged a complaint with the NHRC upon discovering his daughter's dead
body.
● Details: The incident originated from a marriage deal called 'Nata Pratha' where the girl was
allegedly sold as part of the deal.

About NHRC

• Establishment: NHRC is a statutory body constituted on October 12, 1993, under the Protection of
Human Rights Act, 1993 (PHRA).

• Mandate: NHRC is responsible for protecting and promoting human rights, including rights relating to
life, liberty, equality, and dignity as guaranteed by the Constitution and international covenants.

• NHRC Type: NHRC is a statutory body established in 1993.

• POCSO Act: The Protection of Children from Sexual Offences Act, 2012, is a legislative measure
aimed at safeguarding children from sexual abuse and exploitation.

Shri Narendra Modi Takes Oath As Prime Minister For Record 3rd Time
• Prime Minister Shri Narendra Modi took the oath of office for an unprecedented third consecutive
term as the head of a coalition government.
• Ceremony Details: The swearing-in ceremony included the induction of several leaders from the
National Democratic Alliance (NDA) partners, showcasing the BJP’s commitment to its allies.
• Age and Achievement: At the age of 73, Modi matched the record of India’s first Prime Minister,
Jawaharlal Nehru, who won three consecutive general elections in 1952, 1957, and 1962.

Indian tripartite delegation at the 112th session of International Labour Conference (ILC)
• The Indian tripartite delegation, led by Secretary (Labour & Employment), Ms. Sumita Dawra,
actively participated in the 112th session of the International Labour Conference (ILC) of the
International Labour Organisation (ILO) in Geneva, Switzerland.
• Ms. Dawra, a 1991 Batch IAS officer from Andhra Pradesh Cadre, currently serves as Special
Secretary in the Ministry of Commerce and Industry.
• She oversees the Logistics division of DPIIT and is responsible for implementing the Prime
Minister’s flagship programme – PM GatiShakti National Master Plan.
• With a background in serving Andhra Pradesh at both district and state levels, she brings extensive
experience in development and welfare programmes.

Full list of Union government ministers with portfolios

Minister Portfolios
Prime Minister Narendra Modi Prime Minister; Ministry of Personnel, Public
Grievances and Pensions; Department of Atomic
Energy; Department of Space; All important policy
issues; and All other portfolios not allocated to any
Minister.

Nirmala Sitharaman Finance; Corporate Affairs

Amit Shah Home Affairs; Cooperation
S. Jaishankar External Affairs
Rajnath Singh Defence
Nitin Gadkari Road Transport and Highways
Dharmendra Pradhan Education
Piyush Goyal Commerce; Industry
Manohar Lal Khattar Housing; Urban Affairs; Power
H. D. Kumaraswamy Ministry of Heavy Industries and Steel

J.P. Nadda Health and Family Welfare; Minister of Chemicals

and Fertilizers.

Sarbananda Sonowal Ports; Shipping; Waterways

Annpurna Devi Women; Child Development
Kiren Rijiju Parliamentary Affairs; Minority Affairs

Dr. Mansukh Mandaviya Labour; Employment; Youth Affairs; Sports

G. Kishan Reddy Coal; Mines

Pralhad Joshi Consumer Affairs; Food and Public Distribution;
New and Renewable Energy

Jual Oram Tribal Affairs

Giriraj Singh Textiles
Jyotiraditya M. Scindia Communications; Development of North Eastern
Region
Dr. Virendra Kumar Social Justice; Empowerment
Chirag Paswan Food Processing Industries.
Bhupender Yadav Environment; Forest; Climate Change

Ashwini Vaishnaw Railways; Information; Broadcasting; Electronics;

Information Technology

Rajiv Ranjan Singh alias Lalan Singh Panchayati Raj; Fisheries; Animal Husbandry;
Dairying
Hardeep Singh Puri Petroleum; Natural Gas
Kinjarapu Rammohan Naidu Civil Aviation
C R Patil Jal Shakti
Gajendra Singh Shekhawat Culture; Tourism
Shivraj Singh Chouhan Agriculture; Farmers Welfare; Rural Development

Jitan Ram Manjhi Micro, Small and Medium Enterprises.

list of Ministers of State (Independent Charge) and their portfolios

Minister Portfolios
Dr. Jitendra Singh Science and Technology; Earth
Sciences; Prime Minister’s Office;
Personnel, Public Grievances and
Pensions; Atomic Energy; and
Department of Space.
Jayant Chaudhary Ministry of Skill Development and
Entrepreneurship; Ministry of Education.
Rao Inderjit Singh Ministry of Statistics and Programme
Implementation; Ministry of Planning;
and Culture.
Jadhav Prataprao Ganpatrao Ministry of Ayush; Ministry of Health and
Family Welfare.
Arjun Ram Meghwal Law and Justice; Ministry of
Parliamentary Affairs.

list of Ministers of State and their portfolios:

Minister Portfolios
Ajay Tamta Ministry of Road Transport and Highways
Anupriya Patel Ministry of Health and Family Welfare; Ministry of Chemicals
and Fertilizers
B. L. Verma Ministry of Consumer Affairs, Food and Public Distribution;
Ministry of Social Justice and Empowerment

Bandi Sanjay Kumar Ministry of Home Affairs

Bhagirath Choudhary Ministry of Agriculture and Farmers Welfare
Bhupathi Raju Srinivasa Ministry of Heavy Industries; Ministry of Steel
Varma
Durgadas Uikey Ministry of Tribal Affairs
Dr. Chandra Sekhar Ministry of Rural Development; Ministry of Communications
Pemmasani
George Kurian Ministry of Minority Affairs; Ministry of Fisheries, Animal
Husbandry and Dairying
Harsh Malhotra Ministry of Corporate Affairs; Ministry of Road Transport and
Highways
Jitin Prasada Ministry of Commerce and Industry; Ministry of Electronics and
Information Technology
Kamlesh Paswan Ministry of Rural Development
Kirtivardhan Singh Ministry of Environment, Forest and Climate Change; Ministry
of External Affairs
Krishan Pal Cooperation
L. Murugan Ministry of Information and Broadcasting; Ministry of
Parliamentary Affairs
Murlidhar Mohol Ministry of Cooperation; Ministry of Civil Aviation
Nimuben Jayantibhai Ministry of Consumer Affairs, Food and Public Distribution
Bambhaniya
Nityanand Rai Home Affairs
Pabitra Margherita Ministry of External Affairs; Ministry of Textiles
Pankaj Chaudhary Finance
Prof. S. P. Singh Baghel Ministry of Fisheries, Animal Husbandry and Dairying; Ministry
of Panchayati Raj
Ram Nath Thakur Ministry of Agriculture and Farmers Welfare
Ramdas Athawale Ministry of Social Justice and Empowerment
Raksha Nikhil Khadse Ministry of Youth Affairs and Sports
Raj Bhushan Choudhary Ministry of Jal Shakti

Ravneet Singh Ministry of Food Processing Industries; Ministry of Railways

Satish Chandra Dubey Ministry of Coal; Ministry of Mines

Savitri Thakur Ministry of Women and Child Development
Shantanu Thakur Ministry of Ports, Shipping and Waterways
Shripad Yesso Naik Ministry of Power; Ministry of New and Renewable Energy

Sanjay Seth Ministry of Defence

Sukanta Majumdar Ministry of Education; Ministry of Development of North
Eastern Region
Suresh Gopi Ministry of Petroleum and Natural Gas; Ministry of Tourism

Sushri Sobha Karandlaje Ministry of Micro, Small and Medium Enterprises; Ministry of
Labour and Employment
Tokhan Sahu Ministry of Housing and Urban Affairs
V. Somanna Jal Shakti; Ministry of Railways
India may sustain 6.5-7% GDP growth between FY26 & FY30, says UBS
• India is expected to sustain a potential growth rate of 6.5 percent -7 percent year-on-year (Y-o-Y)
between 2025-26 and 2029-30, UBS Securities.
• During FY25, India is expected to grow at 7 percent as post-pandemic recovery in the capital
expenditure (capex) cycle, driven by government spending and strong residential real estate
demand is likely to continue, stated Tanvee Gupta Jain, chief India economist at UBS Securities.

PM Awas expansion: Centre to spend Rs 4 trillion

• The construction of 30 million houses in both rural and urban areas under the Pradhan Mantri
Awas Yojana (PMAY) is likely to cost the Central exchequer about Rs 4 trillion, while the state
governments will have to spend another Rs 2.5 trillion, according to official sources.
• The monies would be spent over a period of four-to-five years.
• So far, the PMAY, launched in 2015, has enabled the construction of as many as 26 million
houses.
• The Union Cabinet approved the construction of 20 million more houses under PMAY-Gramin
and 10 million under PMAY-Urban.

It's official: Uttrakhand's Joshimath is now Jyotirmath again

• The mythological city of Joshimath in Uttarakhand has been officially renamed Jyotirmath.
• The decision was announced by the state government after getting approval from the Centre.
• Fulfilling a promise made a year ago, Uttarakhand Chief Minister Pushkar Singh Dhami
announced to change of the official name of Joshimath tehsil in Chamoli district to its historical
title, Jyotirmath.
• The name change was initially proposed by local residents and several organisations during a
ceremony held at Ghat in Chamoli district last year, where the decision to rename the ancient
name of Jyotirmath back to it was formally announced.

MNRE and IREDA host a conference in Bhubaneswar highlighting Odisha's Green Energy Potential
• The Ministry of New & Renewable Energy (MNRE), in collaboration with the Indian Renewable
Energy Development Agency Ltd. (IREDA), organized a pre-event conference for Global Wind
Day at the Welcome Hotel in Bhubaneswar.
 • According to the National Institute of Wind Energy (NIWE), India’s onshore wind potential is
estimated at 1,164 GW at 150 meters above ground level, with Odisha’s potential of 12 GW.
• In his keynote address, Shri Pradip Kumar Das, CMD, IREDA highlighted Odisha’s significant
green energy potential and the promising opportunities within the state.

BrahMos celebrates 23 years of milestones in missile technology

• BrahMos commemorated the 23rd anniversary of its first successful test launch, a
groundbreaking moment in the history of defence technology.
• It was on 12 June 2001 that the BrahMos supersonic cruise missile soared into the skies from the
Integrated Test Range (ITR) in Chandipur, marking the beginning of a new era in missile
technology.
• The missile was developed by BrahMos Aerospace, a joint venture between India’s Defence
Research and Development Organisation (DRDO) and Russia’s NPO Mashinostroyenia (NPOM).

Government to Launch 21st Livestock Census with Mobile Technology

• The government announced that it will initiate the 21st livestock census from September to
December 2024, utilizing mobile technology for the first time to gather detailed data on a wide
range of animal species across the country.
• This comprehensive enumeration will encompass all villages and urban wards, covering various
species such as cattle, buffalo, Mithun, yak, sheep, goat, pig, horse, pony, mule, donkey, camel,
dog, rabbit, elephant, and poultry birds like fowl and duck, held by households and enterprises.

India Needs Up to USD 215 Billion for 2030 Renewable Energy Goal
● India will need investments between USD 190 to 215 billion to achieve its goal of 500 gigawatts
(GW) of renewable energy capacity by 2030, according to Moody's Ratings.
● This expenditure highlights the significant financial commitment necessary for the nation's
infrastructure companies amid its energy transition driven by robust economic growth.

● Government Policies and Regulatory Stability: Moody's emphasizes that supportive government
policies and a stable regulatory environment will be crucial in maintaining credit quality and
bolstering investor confidence, facilitating the necessary capital influx.
India: Second-Largest Emitter of Nitrous Oxide Globally
● India ranks as the second-largest emitter of nitrous oxide (N2O) globally, a greenhouse gas
significantly more potent than carbon dioxide in terms of atmospheric heating.

Key Points from the Study:

Publication: The study was published in the Journal Earth System Science Data, providing a global
assessment of N2O emissions.
Global Ranking: In 2020, India accounted for nearly 11% of global man-made N2O emissions, second
only to China, which contributed 16%.
N2O Concentrations: Atmospheric N2O levels reached 336 parts per billion in 2022, about 25% higher
than pre-industrial levels.
CO2 Comparison: Carbon dioxide levels were 417 parts per million in 2022, highlighting the immediate
focus on CO2 emissions for climate change mitigation.
Top Five Countries Emitting Nitrous Oxide (N2O)
Here are the top five emitter countries of nitrous oxide (N2O), a potent greenhouse gas:
1. China: 16.7%
2. India: 10.9%
3. United States: 5.7%
4. Brazil: 5.3%
5. Russia: 4.6%

Centre extends scheme by another year to digitize patients' health record

● The Centre has extended the scheme for digitizing patients' health records and linking them with the
Ayushman Bharat Digital Health Account (ABHA ID) by one year.
● The scheme aims to promote digital healthcare services and encourage public adoption of the
Ayushman Bharat Digital Mission (ABDM).

● Initially set to conclude on 30th June, the Digital Health Incentive Scheme (DHIS) will now continue
until 30th June 2025 or until funds are available unless discontinued earlier.

● Under DHIS, hospitals receive Rs. 20 per patient for digitizing their health records and linking them
with ABHA IDs.

● Currently, approximately 633 million ABHA IDs have been generated nationwide. The objective is to
expand this voluntary digital health ID initiative to cover every individual in the country.
PFRDA selects NEC Corp India as the system integrator
● Pension regulator PFRDA has chosen NEC Corporation India as the System Integrator (SI) for its
digital platform, PFRDA-TRACE, for a period of six years.
● NEC Corporation India is set to play a pivotal role in PFRDA’s journey of digital transformation.

Project Background

● Initiative by PFRDA: In February, PFRDA initiated the selection process for appointing an SI for
PFRDA-TRACE under its Technology Architecture (TARCH) project.
● Shortlisting Process: By April, PFRDA had shortlisted four bidders for technical evaluation, which
included Bahwan Cybertek, Inspira Enterprise India, NEC Corporation India, and Trigyn
Technologies.

PFRDA-TRACE Platform

● Functionality: PFRDA-TRACE, or Tracking, Reporting, Analytics, and Compliance E-platform, aims

to streamline regulatory and supervisory compliance reports from intermediaries.
● It facilitates data sharing with PFRDA, monitors functions, and supports workflow for PFRDA
departments.
● Phase and Integration: PFRDA-TRACE constitutes the second phase of the TARCH project,
focusing on digitization and automation of operational processes.

● The TARCH project will adopt a modular approach with API-based platforms:

o Website Revamp and Chatbot

o PFRDA Online Intermediary Supervision Engine (POISE)

o PFRDA Repository and Information Systems Management: Data and Analytics Platform
(PRISM)

o PFRDA Intranet: Internal Digitalization (PINTRA)

Union Jal Shakti Ministry Unveils Real-Time Ecological Monitoring System

● The Union Jal Shakti Ministry has introduced an innovative e-flow ecological monitoring system for
real-time river quality monitoring of Ganga.
● This system is expected to significantly enhance the planning and oversight of various projects, river
 water quality, and other essential parameters.

Development and Purpose

● Developed by the National Mission for Clean Ganga, a branch of the Jal Shakti Ministry, the
Environmental Flows (E-Flows) Monitoring System was inaugurated in the presence of Jal Shakti
Minister C.R. Patil.
Key Features and Functions
● Key features include monitoring the performance of Sewage Treatment Plants (STPs) to ensure they
operate at their designated capacity.
● The Namami Gange programme, a flagship initiative of the Ministry, initially focused on cleaning the
Ganga and now extends to its tributaries.

Significance of the Launch

● The introduction of the E-flow Monitoring System represents a major advancement towards
maintaining a continuous and sustainable flow of the Ganga River.
● By utilizing data from quarterly reports by the Central Water Commission, the system will monitor
crucial parameters such as in-flow, out-flow, and mandated E-flow across 11 projects along the
Ganga Main Stream.

47% of urban Indians faced financial fraud in last 3 years:

● According to the survey, 47% of urban Indians reported being victims of financial fraud themselves
or within their families over the past three years.
● A recent survey by LocalCircles reveals alarming statistics about financial frauds in urban India.

Credit Card Fraud: A Common Concern

● Among those affected, 43% experienced fraudulent activities involving their credit cards.
● A significant number, 1 in 2 victims, encountered unauthorized charges from both domestic and
international merchants and websites.

Challenges with UPI Transactions

● Meanwhile, 30% of respondents faced fraud through UPI transactions. Shockingly, 4 in 10 victims
reported that links or QR codes intended for payment acceptance instead resulted in unauthorized
debits from their accounts.

PM Modi to release Rs 20,000 crore of PM-Kisan Samman fund into 9.26 crore bank accounts of
farmers
● Prime Minister Narendra Modi is set to release the 17th instalment of the Pradhan Mantri Kisan
Samman Nidhi (PM-KISAN) scheme in Uttar Pradesh.
● This instalment, amounting to over Rs 20,000 crores, will be distributed through Direct Benefit
Transfer to approximately 9.26 crore beneficiary farmers.

PM-KISAN: A Game-Changer for Farmer Welfare

● Since its inception, the PM-KISAN scheme has disbursed a staggering Rs 3.04 lakh crore to more
than 11 crore eligible farmer families, demonstrating its significant impact and extensive reach.

New Initiatives in UP and Bihar

● During his visit to Uttar Pradesh and Bihar on June 18-19, Prime Minister Modi will unveil several
key initiatives.
● Among them, he will confer certificates to over 30,000 women from Self Help Groups (SHGs),
formally recognizing them as Krishi Sakhis.
● These women will play pivotal roles in the Krishi Sakhi Convergence Program (KSCP), empowering
them as Para-extension Workers and advancing rural transformation.

Empowering Women through the "Lakhpati Didi" Program

● The certification aligns with the objectives of the "Lakhpati Didi" Program, aimed at fostering
economic self-sufficiency among rural women.

Inauguration of Nalanda University's New Campus

● Additionally, Prime Minister Modi will inaugurate the new campus of Nalanda University in Rajgir,
Bihar.
● The university, a collaborative endeavour involving India and East Asia Summit (EAS) countries, will
feature state-of-the-art facilities and significant capacity.

About The Pradhan Mantri Kisan Samman Nidhi

● The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), a Central Sector Scheme, aims at providing
financial assistance to all cultivable landholding farmer families across the country, subject to certain
exclusion criteria.
● The PM-KISAN Scheme was launched in Feb. 2019.
● Under the Scheme, an amount of Rs. 6000/- is transferred annually in three equal instalments of
Rs.2000/- directly into the Aadhaar Seeded bank accounts of the farmers.
● The Government of India has disbursed over Rs 2.60 Lakhs Crores to more than 11 Cr farmers.
● The state of West Bengal joined the Scheme from the 8th instalment (April-July, 2021) as initially, the
State desired that the funds under the PM-KISAN Scheme be transferred to the State Government
for onward disbursement to the farmers through the State Government.

India Aims for 250 Vande Bharat Sleeper Trains by 2029

● Railways Minister Ashwini Vaishnaw announced that trials for Vande Bharat sleeper trains will
commence within the next two months, with operations expected to begin six months thereafter.
● These self-propelled trains are set to provide enhanced features surpassing those of Rajdhani
Express trains.

Expansion Plans
● The minister outlined plans to introduce approximately 250 Vande Bharat sleeper trains by 2029,
marking a significant expansion in India's rail network.

Government Subsidy and Operational Costs

● Vaishnaw highlighted the financial dynamics of rail ticket pricing, noting that while a product costing
Rs 100 might typically be sold for Rs 105-110, the government subsidizes Rs 55 per rail ticket.
● This results in an annual subsidy burden of Rs 59,000 crore for the government.

Current Rail Operations

● During his address, Vaishnaw mentioned that Indian Railways operated 19,837 trains during the
recent summer season, transporting nearly 40 million passengers nationwide.

Railway officials inspect the world's highest bridge, Chenab Rail Bridge in J&K
● Indian Railway officials has conducted a comprehensive inspection of the newly constructed world's
highest railway bridge over the Chenab River in Jammu and Kashmir.
● This engineering marvel, linking Sangaldan in Ramban district to Reasi, is set to launch train
services soon, according to Northern Railway officials.

● Railway Minister Ashwini Vaishnaw announced the successful trial, highlighting its importance for
the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project.

Project Overview
● Currently, train services operate from Kanyakumari to Katra and from Baramulla to Sangaldan in the
Kashmir Valley.
● The USBRL project, including the crucial 48.1 km Banihal-Sangaldan section, is scheduled for
completion by the end of this year.
● Prime Minister Narendra Modi inaugurated the USBRL project on February 20, 2024, underscoring
its strategic significance for regional connectivity and development.

About the Chenab rail bridge project

● Phase I of the project, covering the 118 km long Qazigund-Baramulla section, was inaugurated in
October 2009.
● Subsequent phases saw the inauguration of the 18 km long Banihal-Qazigund section in June 2013
and the 25 km long Udhampur-Katra section in July 2014.
● The Chenab Rail Bridge, constructed 359 metres (around 109 feet) above the Chenab River in the
Jammu and Kashmir region, is some 35 metres taller than the Eiffel Tower.
● The 1,315 metre-long bridge is part of a broader project which aims to make the Kashmir valley
accessible by the Indian Railway network.

Shivraj Singh Chouhan to boost Agri and Rural Development coordination, eyes 90,000 Krishi Sakhis
● Shivraj Singh Chouhan indicated his plan to build a synergy between the two ministries, which the
previous ministers in the NDA government probably missed.
● The initiative involves creating a team of 90,000 Krishi Sakhis, women associates in the agricultural
sector, who will guide farmers in adopting new technologies and modern farming practices.
● Currently, 34,000 Krishi Sakhis have already received training, to reach 90,000.

Collaboration with Self-Help Groups

● Most Krishi Sakhis are recruited from self-help groups overseen by the Rural Development ministry.
● Following a memorandum of understanding (MoU), the Agriculture ministry has been closely
coordinating with the Rural Development ministry.

Financial Empowerment through Training

● Upon completion of their training, Krishi Sakhis are expected to earn an additional income of Rs
60,000-80,000 annually by assisting farmers with various agricultural activities.

Rollout of the Krishi Sakhi Programme

● The Krishi Sakhi programme has been initiated in 12 states: Gujarat, Tamil Nadu, Uttar Pradesh,
Madhya Pradesh, Chhattisgarh, Karnataka, Maharashtra, Rajasthan, Odisha, Jharkhand, Andhra
Pradesh, and Meghalaya.
● This initiative not only aims to empower women in agriculture but also promises to enhance
agricultural productivity through the adoption of modern practices facilitated by trained Krishi Sakhis.

Implementation of Three New Criminal Laws Scheduled for July 1

● From July 1,2024, India will witness the enforcement of three new criminal laws: Bharatiya Nyaya
Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya Sakshya Act.
● These laws, replacing the Indian Penal Code, Code of Criminal Procedure, and Evidence Act, bring
innovative ideas to address contemporary challenges.

Key Points:

● Legislative Background: Passed by Parliament in December and granted presidential assent the
same month, these laws were scheduled for implementation from February 25, following a deferred
notification by the Centre.
● Training Initiatives: Preparations for the laws' implementation are underway, focusing on training
stakeholders for effective enforcement.
● Objectives: The new laws aim to modernize criminal justice procedures and enhance citizen security
under the framework of Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and
Bharatiya Sakshya Act.
● This transition marks a significant reform in India's legal framework, aiming to meet contemporary
legal challenges effectively.

Ministry of Heavy Industries Proposes Ambitious Plans for FAME 3.0

● The Ministry of Heavy Industries (MHI) is gearing up to launch the third iteration of the flagship
government scheme, Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME)
3.0, expected to be announced in the Union Budget 2024.
● According to sources familiar with the matter, the new phase aims to significantly boost electric
vehicle (EV) adoption with a budget ranging from Rs 12,600 crore to over Rs 30,000 crore.

Key Proposals:
● Inclusion of Alternative Fuel Vehicles: One proposal seeks to incorporate vehicles powered by
alternative sources such as hydrogen and biofuels, expanding the scope beyond conventional
electric vehicles.
● Budget Allocation: The scheme is anticipated to be allocated a substantial budget, reflecting the
government's commitment to promoting sustainable mobility solutions.
● Strategic Objectives: FAME 3.0 aims to accelerate the adoption and manufacturing of EVs, fostering
innovation and infrastructure development in the sector.
About FAME:
● FAME stands for Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India.
● It's a government-backed scheme.
● It seeks to promote the use of electric vehicles in India.
● The scheme was introduced in 2015 and is divided into two phases: FAME India Phase I and
FAME India Phase II.

Government's 100 Days Programme to Launch National Mission on Oilseeds

● The Union government is set to announce its 100 days programme, which is expected to feature the
long-awaited National Mission on Oilseeds.
● This initiative, spearheaded by the Agriculture Ministry, aims to significantly increase domestic
oilseeds production.
● The target is to raise production by an additional 2-3 million tonnes by 2025-26, surpassing the
current output of approximately 40-41 million tonnes.
● This initiative underscores the government's commitment to enhancing agricultural productivity and
achieving greater self-reliance in the crucial sector of edible oils.

Key Objectives:
● Reducing Import Dependency: The primary goal of the National Mission on Oilseeds is to lower
India's dependency on imported edible oils.
● Production Enhancement: By boosting domestic production, the mission aims to enhance India's
self-sufficiency in oilseed cultivation.
● Strategic Timeline: The target timeline for achieving the production increase is set for 2025-26,
aligning with broader agricultural objectives.

Indian Railways Sets Record in Limca Book of Records

● Indian Railways has achieved a significant milestone by entering the prestigious Limca Book of
Records for organizing the largest public service event across multiple venues in India.
● The event, orchestrated by the Ministry of Railways garnered participation from an impressive
40,19,516 people spread across 2,140 venues nationwide.

● This recognition not only celebrates Indian Railways' organizational capabilities but also
 commemorates its ongoing efforts to enhance connectivity, infrastructure, and public services across
the country under the leadership of Prime Minister Narendra Modi.

Event Details:

● Purpose: The event was convened for the inauguration of road over/road under railway bridges and
for laying the foundation stones of railway stations. It was graced by the presence of Prime Minister
Shri Narendra Modi, underscoring its national importance and scale.

NHAI to Enhance Green Cover Along the National Highways with Miyawaki Plantations
● The National Highways Authority of India (NHAI) has embarked on a pioneering initiative to establish
Miyawaki plantations along various stretches of National Highways, aimed at enhancing ecological
restoration and biodiversity.

Objective and Method:

● Miyawaki Plantation Method: NHAI will implement the Miyawaki method, a Japanese technique
for creating dense, native forests in a short span of time. This approach is renowned for its ability
to foster biodiversity, enhance groundwater recharge, and serve as effective barriers against
sound and dust.

● Benefits: By focusing on indigenous plant species adapted to local climate and soil conditions,
NHAI aims to maximize the environmental benefits of these plantations. These forests are
expected to grow ten times faster than traditional forests, thereby accelerating the restoration
process.

● Locations: NHAI has identified over 53 acres of land adjacent to National Highways in and
around Delhi-NCR for Miyawaki plantations. Key sites include:

o 4.7 acres along the Haryana section of Dwarka Expressway

o 4.1 acres near Sohna on the Delhi – Vadodara section of Delhi-Mumbai Expressway

o Approximately 5 acres each at Chabri and Kharkhara interchanges on NH 152D (Ambala

– Kotputli corridor)

o Over 12 acres at Shamli bypass on NH-709B

 o 9.2 acres at Duhai interchange on the Eastern Peripheral Expressway near Ghaziabad

o 5.6 acres near the Meerut-Najibabad section of NH-34 in Uttar Pradesh

Centre Approves ₹50 Lakh Grants Each For 7 Startups In Technical Textiles To Boost Innovation And
Sustainability
● The Ministry of Textiles is advancing its agenda in Technical Textiles by endorsing startups to propel
innovation and sustainability, emphasizing transformative developments for the sector's future.
● Rachna Shah, Secretary of the Ministry of Textiles, articulated this during the 7th meeting of the
Empowered Programme Committee of the National Technical Textiles Mission in New Delhi.

Key highlights of the initiative include:

1. National Technical Textiles Mission (NTTM):

o The mission aims to stimulate innovation and entrepreneurship in Technical Textiles.

o It supports young innovators, scientists, technologists, and startup ventures to translate

their ideas into commercial products.

o Focus areas include developing functional prototypes and commercializing technologies to

enhance India's self-reliance in Technical Textiles.

2. GREAT Scheme:

o The Empowered Programme Committee has approved 7 startup proposals under the
GREAT (Grant for Research and Entrepreneurship across Aspiring Innovators in
Technical Textiles) scheme.

o Each startup can receive a maximum fund support of Rs 50 lakhs from the government.

3. Approved Startups and Focus Areas:

o Under the NTTM, a total of 8 startup proposals have been sanctioned.

o These startups are dedicated to various domains such as sustainability, composites, high-
performance textiles, Meditech (medical textiles), and smart textiles.

o The goal is to drive substantial advancements in these critical sectors through innovative
solutions and entrepreneurial initiatives.
Union Cabinet Approves MSP Hike for Kharif Crops for 2024-25 Season

● The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved an increase in the
Minimum Support Prices (MSP) for all 14 Kharif crops for the 2024-25 crop season, which spans
from July to June.
● This decision aligns with PM Modi's vision of policy continuity to support farmers and boost their
income during his third term in office.

● Financial Impact:

o Farmers will receive around ₹2 trillion as MSP, which is ₹35,000 crore more than the previous
season, as announced by Union Railways Minister Ashwini Vaishnaw.

● Significant Increases:

o Oilseeds: Nigerseed and sesamum saw the highest MSP increase by ₹983 and ₹632, set at
₹8,717 and ₹9,267 per quintal, respectively.

o Pulses: Tur (arhar) received a substantial hike of ₹550, now standing at ₹7,550 per quintal.

● MSP for Major Crops:

o Paddy: Raised by ₹117 to ₹2,300 per quintal for the common grade variety and to ₹2,320 for
grade A.

o Cereals: Jowar, bajra, ragi, and maize MSPs have been increased to ₹3,371-3,421, ₹2,625,
₹4,290, and ₹2,225 per quintal, respectively.

o Pulses: Moong (green gram) and urad (black gram) MSPs are now ₹8,682 and ₹7,400 per
quintal, increased by ₹124 and ₹450, respectively.

o Oilseeds: Groundnut, sunflower seed, and yellow soybean MSPs are now ₹6,783, ₹7,280,
and ₹4,882 per quintal, increased by ₹406, ₹520, and ₹292, respectively.

o Cotton: MSP for medium staple and long staple varieties increased by ₹501 to ₹7,121 and
₹7,521 per quintal, respectively.

Types of Cropping patterns:

● Rabi crops are those which are grown in the winter season like wheat, gram, mustard, pea, etc.
 ● Kharif crops are sown in the rainy season. These include rice, sugarcane, cotton, etc.
● Zaid crops are the summer crops such as cucumber, watermelon, etc.

Inauguration of New Nalanda University Campus by Prime Minister Narendra Modi

● Prime Minister Shri Narendra Modi inaugurated the new campus of Nalanda University near Rajgir,
Bihar.
● The event was marked by significant dignitaries and symbolic actions, emphasizing the university's
revival and its international significance.
● The inauguration of the new Nalanda University campus marks a significant milestone in India’s
educational landscape, reaffirming its commitment to fostering global collaboration in academia,
research, and cultural heritage.

● Location and Establishment: The modern Nalanda University (NU) is situated near the ancient ruins
of Nalanda, Bihar. It was established by an Act of the Parliament of India with the aim to revive the
historical glory of Nalanda as an international institution for intellectual, philosophical, historical, and
spiritual studies.

● Historical Context: The foundation for NU was laid during the 2nd East Asia Summit (Philippines,
2007) and furthered in the 4th East Asia Summit (Thailand, 2009). The Nalanda University Act was
passed in 2010, with substantial construction efforts initiated under the leadership of Prime Minister
Narendra Modi from 2017 onwards, aligning with India’s ‘Act East’ Policy.

● Participating Countries: Alongside India, 17 other countries are involved in this initiative: Australia,
Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, Indonesia, Laos, Mauritius, Myanmar,
New Zealand, Portugal, Singapore, South Korea, Sri Lanka, Thailand, and Vietnam. Ambassadors
from these nations attended the inaugural ceremony, underscoring the international cooperation and
support for Nalanda University.

MeitY seeks inputs from industry, and think tanks on digital competition bill

● The Ministry of Electronics and Information Technology (MeitY) recently engaged with prominent
think tanks to gather feedback on the draft Digital Competition Bill (DCB) and its potential
implications for India's startup ecosystem.
● Here are the key points from the meeting and the current perspectives on the bill:
Meeting with Think Tanks:

1. Participants and Discussions:

o The meeting included representatives from think tanks such as Chase India, CUTS
Institute for Regulation and Competition, Centre for Competition and Law, Centre for
Digital Future, and others.

o MeitY officials, along with members from the Competition Commission of India (CCI),
solicited inputs on how the proposed Digital Competition Bill would impact domestic
startups.

o The ministry sought insights on whether further consultations are necessary and how
evidence selection should be approached under the bill.

India Approves Plan to Invest $9B to Build Mega Port Near Mumbai
● The Indian government has approved the construction of Vadhavan Port, positioned north of
Mumbai on the west coast, with aspirations for it to rank among the top 10 ports globally upon
completion.
● Vadhavan Port represents a major infrastructure initiative by the Indian government to bolster trade
connectivity and operational efficiency on the west coast, thereby positioning itself as a key player in
global maritime trade routes.

● Vadhavan Port will be situated less than 100 miles north of Mumbai, strategically located to serve as
a crucial trade gateway between India, the Middle East, and Europe.

● Vadhavan Port is designed with a natural draft of up to 20 meters (65 feet), enabling it to
accommodate the world's largest ships. This deep draft capability is a significant advantage over
existing ports in the region.

● The cabinet has approved a substantial investment exceeding $9.1 billion for the port's construction,
which will be jointly owned by the port authority and the Maharashtra Maritime Board.

Government Monetises ₹1.56 Lakh Crore in 2023-24 under National Monetisation Pipeline
● In the fiscal year 2023-24, the government monetised assets worth ₹1.56 lakh crore under the
National Monetisation Pipeline (NMP), falling short of the target of ₹1.8 lakh crore.
● The NMP aims to monetise the central government's brownfield infrastructure assets with an
 estimated potential of ₹6 lakh crore over four years from FY22 to FY25.
Performance Over the Years
● For the first two years, 2021-22 and 2022-23, the NMP had a combined target of around ₹2.5
lakh crore, of which ₹2.30 lakh crore was achieved.
● The target for 2023-24 was the highest among the four years, and the achievement of ₹1.56 lakh
crore represents about 159 per cent of the amount monetised in 2021-22.
Sector-wise Monetisation in FY24
● Road Transport and Highways: ₹40,314 crore

● Coal: ₹56,794 crore

● Power: ₹14,690 crore

● Mines: ₹4,090 crore

● Petroleum and Natural Gas: ₹9,587 crore

● Urban Development: ₹6,480 crore

● Shipping: ₹7,627 crore

● Overall, these ministries achieved 70 per cent of their monetisation targets.

● Union Minister for Finance and Corporate Affairs on 23 August 2021 launched the asset
monetisation pipeline of Central ministries and public sector entities as 'National Monetisation
Pipeline'.

DGCA Advisory Circular on Gender Equality in the Civil Aviation Sector

● The Directorate General of Civil Aviation (DGCA) has issued a comprehensive advisory circular
focused on promoting gender equality within the civil aviation sector in India.

Principles and Objectives

● Constitutional and International Commitments: Aligned with the principles of gender equality
enshrined in the Constitution of India and the vision of the International Civil Aviation
Organisation (ICAO).

● Targeted Representation: Aims to achieve a representation of at least 25% women in various

positions within the aviation industry by 2025.
Government of India approves new transmission schemes worth ₹13,595 crore to evacuate 4.5 GW RE
power each from Rajasthan and Karnataka
● The Government of India has sanctioned new Inter State Transmission System (ISTS) schemes
to evacuate 9 GW of renewable energy (RE) power from Rajasthan and Karnataka.
● These projects will be executed through the Tariff Based Competitive Bidding (TBCB) mode.
● These initiatives are part of India's plan to achieve 500 GW of RE capacity by 2030, with 200 GW
already connected.
● These schemes aim to enhance the transmission infrastructure for renewable energy, facilitating
India's goal of significantly expanding its renewable energy capacity by 2030.
Scheme Details

Rajasthan Renewable Energy Zone (REZ) Power Evacuation

● Capacity: 4.5 GW of RE power

● Sources:

o Fatehgarh Complex: 1 GW

o Barmer Complex: 2.5 GW

o Nagaur (Merta) Complex: 1 GW

● Destination: Mainpuri Region, Fatehpur, and Orai in Uttar Pradesh

● Completion Period: 2 years

● Cost: ₹12,241 crore

Karnataka System Strengthening Scheme

● Capacity: 4.5 GW of RE power

● Sources:

o Koppal Area

o Gadag Area

● Completion Date: June 2027

 ● Cost: ₹1,354 crore

A high-level committee led by former ISRO chief to work on reforms in examinations & NTA
● The Union Education Ministry has constituted a high-level committee of experts to ensure the
transparent, smooth, and fair conduct of examinations.
● The committee, led by Dr. K. Radhakrishnan, former Chairman of ISRO, will provide
recommendations on several key areas:
● Reform in Examination Mechanism: The committee will analyze the end-to-end examination
process and suggest measures to improve efficiency and prevent breaches.
The committee comprises seven members, including:

● Dr. K. Radhakrishnan, Former Chairman, ISRO (Chairperson)

● Dr Randeep Guleria, Former Director, AIIMS Delhi

● Govind Jaiswal, Joint Secretary, Ministry of Education

● Prof. B J Rao, Vice Chancellor, Central University of Hyderabad

● Prof. Ramamurthy K, Professor Emeritus, IIT Madras

● Pankaj Bansal, Co-Founder, People Strong, and Board Member, Karmayogi Bharat

● Prof. Aditya Mittal, Dean Student Affairs, IIT Delhi

PFRDA targets ₹15 lakh crore Assets Under Mgmnt in FY25

● The Pension Fund Regulatory and Development Authority (PFRDA) has set ambitious targets for
the growth of Assets under Management (AUM) for the National Pension Scheme (NPS) in the
fiscal year 2024-25.
● PFRDA aims to achieve Rs 15 lakh crore in Assets under Management (AUM) by the end of the
financial year 2024-25.
● Currently, as of the latest update, the AUM stands at Rs 12.3 lakh crore.
1. Growth Factors: Mohanty highlighted that the growth of the AUM depends significantly on
contributions from subscribers and the performance of the financial markets. With normal market
movements expected, PFRDA anticipates reaching the targeted Rs 15 lakh crore mark by March
2025.

2. Subscriber Expansion: In the upcoming fiscal year (FY25), PFRDA plans to onboard 11 lakh new
 subscribers from the private sector under the NPS. This is an increase from 9.7 lakh private
sector subscribers added in FY24.

3. Current Subscriber Base: As of June 8, 2024, the NPS has approximately 1.5 crore subscribers.
Out of these, 93 lakh are government employees, and 56.5 lakh are from the private sector,
encompassing both corporate and individual subscribers.

The government enhances allocation for the Fertilizer Sector under the SIGHT Programme of the
National Green Hydrogen Mission (NGHM)
● The Ministry of New & Renewable Energy (MNRE) is spearheading the National Green Hydrogen
Mission (NGHM), aiming to achieve a production capacity of 5 million tonnes per annum of Green
Hydrogen by 2030.
● This initiative aligns with India's goal of becoming self-reliant through clean energy and serves as
a significant step towards the global clean energy transition.
National Green Hydrogen Mission (NGHM)
● Objective: To achieve a production capacity of 5 million tonnes per annum of Green Hydrogen by
2030.
● Launch Date: January 4, 2023.
● Financial Outlay: ₹19,744 crores up to FY 2029-30.
● SIGHT Programme - Component II
● Component II: Incentive for Procurement of Green Ammonia Production (under Mode 2A):
● Focus: Primarily caters to the fertilizer sector.
● Initial Allocation: 5,50,000 tonnes per annum of Green Ammonia.
● Amended Allocation: Increased by 2 lakh tonnes per annum to a new total of 7,50,000 tonnes per
annum.
Delhi’s IGI Airport launches fast-track immigration programme for Indian passport holders and OCI
cardholders
● Union Home Minister Amit Shah inaugurated the ‘Fast Track Immigration-Trusted Traveller
Programme (FTI-TTP)’ at Delhi Airport’s Terminal 3, aimed at enhancing the travel experience for
Indian nationals and OCI cardholders.

Overview of FTI-TTP

● Objective: Provide faster, easier, and more secure travel experience for Indian passport holders
 and OCI cardholders.
● Implemented by: the Ministry of Home Affairs (MHA), Ministry of Civil Aviation, and Bureau of
Immigration.
● Inspiration: Similar to the Global Entry Program of the United States Department of Homeland
Security.
● Benefits:Allows use of dedicated e-gates at Terminal 3 to bypass regular immigration queues.

About FTI-TTP

● Fast Track Immigration - Trusted Travellers' Programme (FTI-TTP) has been initiated to speed
up the Immigration clearance process for eligible persons from the following categories:
● 1. Indian Nationals
● 2. Foreign Nationals holding OCI Card
Less than 2% of taxpayers served CGST notices
● Finance Minister Nirmala Sitharaman recently addressed concerns regarding GST (Goods and
Services Tax) assessments and issued updates following the GST Council meeting.
● Notice Statistics: Only 1.96% of active GST assessees (1,14,939 out of 58,62,882) received
notices from the Central GST administration as of December 31, 2023.
● Interest and Penalty Waiver: Waiver proposed on interest and penalties for demand notices
under Section 73 of the CGST Act for the period from 2017-18 to 2019-20, conditional upon full
remittance by March 2025.

Tribal Affairs Ministry to Review ₹72,000 Crore Great Nicobar Project

● Union Tribal Affairs Minister Jual Oram has announced that his ministry will scrutinize the forest
clearance documentation related to the ₹72,000-crore infrastructure project on Great Nicobar
Island.
● The project, pushed by the NDA government, will undergo a comprehensive assessment to
determine the next course of action.
High-level govt committee flags payment delay concerns in PLI schemes
● A high-level government committee has expressed concerns regarding delays in payments to
companies participating in the Production Linked Incentive (PLI) schemes.
● The committee, chaired by the Cabinet secretary and comprising representatives from DPIIT,
NITI Aayog, the Department of Economic Affairs, and Department of Financial Services, has
 highlighted the need for corrective actions to ensure smooth implementation of the PLI schemes.
● Financial Allocation and Implementation Status : Three years ago, the government allocated Rs
1.97 trillion across 14 PLI schemes targeting sectors such as mobiles, drones, solar, telecom,
textile, and automobiles.
What is the Production Linked Incentive Scheme (PLI)?
● The PLI scheme was conceived to scale up domestic manufacturing capability, accompanied by
higher import substitution and employment generation.
● Launched in March 2020, the scheme initially targeted three industries:
⮚ Mobile and allied Component Manufacturing
⮚ Electrical Component Manufacturing and
⮚ Medical Devices.
Informal entities in manufacturing lost 5.4 million jobs in 7 years
● According to an analysis of the Annual Survey of Unincorporated Sector Enterprises (ASUSE) by
the National Statistical Office (NSO), unincorporated enterprises in the manufacturing sector
experienced significant declines between July 2015-June 2016 and October 2022-September
2023.
● During this period, the manufacturing sector witnessed a reduction of nearly 1.8 million
unincorporated establishments, marking a decline from 19.7 million to 17.82 million enterprises.
● Correspondingly, the sector shed approximately 5.4 million jobs, with employment falling from
36.04 million to 30.6 million workers.

Centre likely to issue green bonds worth over ₹25,000 crore in FY25

● The upcoming Union budget for FY25 is anticipated to include a proposal to issue sovereign
green bonds amounting to approximately ₹25,000 crore to ₹30,000 crore.
● This issuance is planned as part of the government's borrowing schedule for the fiscal year, with
a significant portion likely to be offered during the second half
● This move underscores the government's commitment to scaling up green finance initiatives,
responding to market demand for sustainable investment opportunities.
● Green bonds serve as fixed-income investments aimed at financing projects with positive
environmental impacts, aligning investor financial goals with environmental sustainability.

Railway capex allocation may touch Rs 2.6 trillion

 ● According to a senior official in the Ministry of Railways, the gross budgetary support (GBS) is
likely to either maintain the same level as announced in the Interim Budget or potentially increase
to Rs 2.6 trillion.
● In the Interim Budget for 2024-25, Finance Minister Nirmala Sitharaman had already allocated Rs
2,52,200 crore as GBS to the railways, supplemented by an additional Rs 10,000 crore from
extra-budgetary resources (EBR).

What is GBS?

● The government’s support to the Central plan is called Gross Budgetary Support.
● The Central plan forms the annual expenditure of the government and is incurred keeping the
objectives of 5-year plans in mind.
● Budgetary Support is earmarked for meeting the planned outlays of the Central government
during the financial year.

What is EBR?

● Extra budgetary resources (EBRs) are those financial liabilities that are raised by Public Sector
Undertakings for which repayment of entire principal and interest is done from Government
budget. Such borrowings are made by state-owned firms to fund government schemes but are
not part of the official budget calculations.

India to host council meeting of International Sugar Organisation in New Delhi

● India, as the Chair of the International Sugar Organisation (ISO), will host the global body's
annual sugar meet in New Delhi from June 25 to June 27.
● The main inauguration event is scheduled for June 25 and will be officiated by Food Minister
Pralhad Joshi.
● Internal meetings of the ISO will follow on June 26-27.

Role of the International Sugar Organisation (ISO)

● The ISO serves as a crucial intergovernmental organization dedicated to enhancing the global
sugar market. It represents:
 ● 87% of world sugar production
● 64% of world sugar consumption With a membership comprising approximately 88 nations,
including India, the ISO facilitates cooperation and dialogue among diverse countries.

Seven years of GST: Households Emerge Top Beneficiaries

● The Goods and Services Tax (GST), introduced on July 1, 2017, replaced 17 local taxes and
fees across India.
● Over nearly seven years since its implementation, GST has led to notable reductions in tax rates
for various products and services crucial to everyday life.
● Tax Reductions: Data from the Central Board of Indirect Taxes and Customs (CBIC) indicates
that post-GST implementation, the tax burden on many household essentials has decreased.
About CBIC:
● Central Board of Indirect Taxes and Customs (erstwhile Central Board of Excise & Customs) is a
part of the Department of Revenue under the Ministry of Finance, Government of India.
● Shri Sanjay Kumar Agarwal is Chairman, Central Board of Indirect Taxes & Customs and Special
Secretary to the Government of India.

Ashwini Vaishnaw reviews the advanced version of Indian Railways’ Kavach, directs officials to ensure
installation in mission mode
● Railway Minister Ashwini Vaishnaw recently reviewed the progress of the enhanced Automatic
Train Protection System (ATP), Kavach 4.0, at Rail Bhawan.
● Kavach 3.2 is currently operational on high-density routes.
● Indian Railways initiated ATP technology adoption in 2016 with the Train Collision Avoidance
System(TCAS).

About KAVACH:
● The KAVACH is an indigenously developed Automatic Train Protection (ATP) system by the
Research Design and Standards Organisation (RDSO) in collaboration with the Indian industry.
Initial development of Kavach started in 2012 under the name Train Collision Avoidance System
(TCAS) and completed development in 2022.

What is TCAS?
● The Train Collision Avoidance System (TCAS) being implemented on Indian Railways has been
 designed in a manner to prevent Signal Passing at Danger (SPAD) cases, unsafe situations
arising due to overspeed and train collisions in station areas as well as block section.

What is ATS?
● Automatic train stop or ATS is a system on a train that automatically stops a train if certain
situations occur (unresponsive train operator, earthquake, disconnected rail, train running over a
stop signal, etc.) to prevent accidents. In some scenarios, it functions as a type of dead man's
switch.

Centre imposes stock limit on Wheat until 31st March 2025 in all States and UTs
● The Government of India has implemented stock limits on wheat across various entities including
Traders/Wholesalers, Retailers, Big Chain Retailers, and Processors in all States and Union
Territories.
● Purpose : Aims to regulate and stabilise wheat availability and prices across the country.
● Implementation DetailsEffective Date: The Removal of Licensing Requirements, Stock Limits and
Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2024 is effective from June
24, 2024.
● Duration: Applicable until March 31, 2025.
● Stock Limits : Traders/Wholesalers: Limited to 3000 MT.
● Retailers: 10 MT per retail outlet.
● Big Chain Retailers: 10 MT per outlet and 3000 MT at all depots.
● Processors: 70% of Monthly Installed Capacity (MIC) multiplied by remaining FY 2024-25
months.

MEA rendered 16.5 mn passport-related services in 2023

● In 2023, the Ministry of External Affairs (MEA) of India delivered 16.5 million passport-related
services, marking a significant annual growth of nearly 15%.
● External Affairs Minister S Jaishankar praised the efficiency of service delivery during the 12th
Passport Seva Divas, commemorating the Passports Act's enactment on June 24, 1967.
● Passport Seva Kendras (PSKs) and POPSKs: Operates a network of 533 application processing
centers, including 440 post office passport seva kendras (POPSKs) and 93 PSKs across 37
regional Passport Offices (RPOs) nationwide.
CAG inaugurates India's first 'Chadwick House: Navigating Audit Heritage' Museum at Shimla
● The Comptroller and Auditor General of India inaugurated the 'Chadwick House: Navigating Audit
Heritage Museum’ in Shimla, marking a significant milestone in preserving and celebrating the
institution's rich legacy and contributions to India's governance.
● Museum Location and Historical Significance : Location: Chadwick House, a historic landmark in
Shimla.
● Historical Significance: Mahatma Gandhi stayed here in 1946 during his visit for the Cabinet
Mission. In 1950, it became a training school for the Indian Audit and Accounts Service.

Critical minerals: first six blocks awarded, 21 more on offer

● Union Mines Minister G. Kishan Reddy initiated a new round of auctions for mining rights in 21
blocks rich in critical and strategic minerals.
● Additionally, winners for six blocks from the previous auction held in November were announced.
● Future Plans : Offshore Minerals: Plans to commence auctions for 10 offshore blocks within the
first 100 days in office.

India is hosting the 64th ISO Council Meeting from 25th-27th June 2024
● India is hosting a significant global event in the sugar sector, the 'ISO Council Meeting,' in New
Delhi from June 25th to 27th, 2024.
● Given its status as the world's largest consumer and the second-largest producer of sugar, India
has been nominated as the Chair of the International Sugar Organization (ISO) for 2024.
● A workshop titled 'Sugar and Biofuels – Emerging Vistas' will be held on June 25, 2024, at Bharat
Mandapam.
About the International Sugar Organization (ISO)

● The International Sugar Organization (ISO) is a UN-affiliated body headquartered in London, with
about 85 member countries accounting for nearly 90% of the world's sugar production.
● The ISO aims to bring together major sugar-producing, consuming, and trading nations to foster
mutual understanding and a progressive approach to sugar sector issues.
● The organization also focuses on biofuels, particularly ethanol, as sugarcane is the second major
feedstock for ethanol production globally.

India Hosts 'India Africa Postal Leaders Meet' to Strengthen Postal Sector Ties
 ● The ‘India Africa Postal Leaders Meet’ took place in India from June 21st to 25th, 2024.
● This event aimed to fortify relationships between postal administrations of African nations and
India.
● Initiative Under Universal Postal Union: This meeting was part of the “South-South and
Triangular Cooperation” program by the Universal Postal Union, supported by India Post and the
United States Postal Service.
● Backdrop of Strategic Initiatives: This significant gathering comes on the heels of India’s strategic
initiatives, such as the 'Voice of Global South Summit,' the India-Africa Forum, and the inclusion
of the African Union in the G20 during India’s 2023 Presidency.

Dr. Jitendra Singh Launches "One Week One Theme" Campaign to Showcase India's Scientific
Achievements

● Union Minister Dr Jitendra Singh, holding multiple significant portfolios, launched the "One Week
One Theme" (OWOT) campaign.
● This initiative highlights India's recent accomplishments across various scientific and
technological domains.
● Campaign Objective: It aims to integrate the efforts of all CSIR labs working on similar projects to
reduce overlap and optimize resources.
● The OWOT initiative under the Council for Scientific and Industrial Research (CSIR) aims to
make innovation inclusive for all.
● Eight Key Themes: The campaign focuses on eight major themes:
1. Energy and Energy Devices

2. Chemicals and Petrochemicals

3. Aerospace, Electronics, and Strategic Sectors

4. Civil Infrastructure and Engineering

5. Agriculture, Nutrition, and Biotech

6. Healthcare

7. Mining, Minerals, Metals, and Materials

 8. Ecology, Environment, Earth, Ocean Sciences, and Water

Launch of 4th Tranche Auction of Critical Minerals by Union Minister of Coal and Mines

● Union Minister of Coal and Mines, Shri G. Kishan Reddy, along with Minister of State for Coal
and Mines, Shri Satish Chandra Dubey, launched the 4th tranche of the auction of critical and
strategic minerals at Scope Convention Centre, CGO Complex, New Delhi.
● The 4th tranche includes 21 blocks of critical minerals. This comprises 11 fresh blocks across
Arunachal Pradesh, Chhattisgarh, Jharkhand, Karnataka, Rajasthan, and Uttar Pradesh,
featuring minerals like Graphite, Glauconite, Phosphorite, Potash, Nickel, PGE, Phosphate, and
Rare Earth Elements (REE).
● The Ministry of Mines allocated funds for R&D projects in the mining and metallurgy sector,
disbursing grants to 24 R&D institutes and 10 startups, totalling ₹12.37 Cr. and ₹11.26 Cr.,
respectively.

Telecom Act gets partially notified, govt can now intercept, and stop messages
● Certain sections of the Telecommunications Act, of 2023 from 26th June 2024, will be enforced,
focusing on public safety, emergency response, and regulatory enhancements.
● Message Interception: Section 20 (2) grants authority to the government to intercept messages
during public safety emergencies, expanding interception capabilities across government
agencies.

New Rules and Penalties:

● Telecom Infrastructure Rights: Authorities can install telecom infrastructure on private land under
specific conditions, even if the landowner objects.

● Advertisement Consent: Telecom companies must obtain user consent for receiving advertising
messages, with penalties for unauthorized commercial messages potentially leading to telco
suspensions.

● SIM Ownership: Possessing more than 9 SIM cards incurs fines up to Rs 2 lakh.

● Digital Bharat Nidhi: The Universal Service Obligation Fund transitions to Digital Bharat Nidhi,
emphasizing digital connectivity initiatives.

Satellite-Based Toll Collection Initiative on Indian National Highways

 ● The Ministry of Road Transport and Highways aims to implement satellite-based toll collection
across all national highways in India in the coming years.
● By December 2024 , the Global Navigation Satellite System (GNSS) framework will be
operational on 5,000 kilometres of national highways.
● The government plans to establish a case study with the initial 5,000-kilometer pilot by the end of
FY25 to assess feasibility and effectiveness.
● Current Toll Revenue: Presently, 75% of the National Highways Authority of India’s (NHAI) toll
revenue of Rs 54,000 crore is generated from commercial vehicles, with the remaining from
personal vehicles.
What is GNSS?
● Global navigation satellite system (GNSS) is a general term describing any satellite constellation
that provides positioning, navigation, and timing (PNT) services on a global or regional basis.

Revamped Affordable Housing Scheme in Union Budget Focuses on Urban Areas

● Government Initiative: The upcoming Union Budget is expected to introduce a reworked

affordable housing scheme targeting Economically Weaker Sections (EWS), Low Income Group
(LIG), and Middle Income Group (MIG) in urban areas, according to sources from the Housing
and Urban Affairs Ministry.

Expansion of PMAY:

● Cabinet Approval: The Cabinet, under Prime Minister Narendra Modi's leadership, approved an
additional three crore houses under the Pradhan Mantri Awas Yojana (PMAY), with one crore
allocated for urban areas (PMAY-Urban).

● PMAY-U 2.0: The new scheme, tentatively named PMAY-U 2.0, will build upon the experiences
and outcomes of the current PMAY, operational since June 2015 and ending in December 2024.

● The revamped scheme aims for improved targeting of beneficiaries to ensure all eligible
individuals receive housing assistance promptly.

India’s Nuclear Power Capacity To Cross 13 GW By 2029

● India’s nuclear power generation capacity is poised to cross 13 GWe by 2029, according to Dr.
Jitendra Singh, Union Minister of State (Independent Charge), Department of Atomic Energy.
 ● Dr. Jitendra Singh, Union Minister of State (Independent Charge), Department of Atomic Energy,
revealed key developments and projections regarding India's nuclear power capacity during a
recent high-level meeting on June 25, 2024.
● Current Capacity: India's installed nuclear power generation capacity stands at 7.48 GWe.
● Future Projection: Expected to increase to 13.08 GWe by 2029.

Urban Affairs Ministry to revamp affordable housing scheme

● The Pradhan Mantri Awas Yojana (Urban), launched in 2015, is set to be revamped with new
features.
● The scheme aims to provide affordable housing for the urban poor and will continue until
December 2024.
● Three New Categories for Assistance The revamped PMAY-U 2.0 will include three categories:
Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group
(MIG).
● A key focus will be ensuring timely assistance to beneficiaries to avoid past delays.

Trained cops, new apps: Centre readies for the rollout of three criminal laws
● Parliament passed three new laws in its winter session: Bharatiya Nyaya Sanhita (BNS) 2023,
Bharatiya Nagarik Suraksha Sanhita 2023, and Bharatiya Sakshya Adhiniyam 2023.
● These laws, replacing the Indian Penal Code, the Code of Criminal Procedure, and the Indian
Evidence Act respectively, are set to be implemented from July 1, 2024.
● The National Informatics Centre (NIC) has developed three apps — eSakshya, NyayShruti, and
eSummon — to facilitate electronic videography, photography of crime scenes, judicial hearings,
and delivery of court summons.

NHAI lowers construction target by 22% for FY25

● The National Highways Authority of India (NHAI) aims to construct 5,000 km of highways in the
current financial year(2024).
● This target is 22% lower than the 6,444 km constructed last year.
● In the previous financial year, NHAI constructed 6,444 km of highways, a 20% increase from the
5,544 km built in 2022-23.
● So far, NHAI has completed 762.3 km of highways, with a total of 1,288 km constructed in April-
May 2024, compared to 1,465 km in the same period last year.
I&B Ministry looking to simplify the self-declaration certificate process for ads
● The Information & Broadcasting Ministry is addressing challenges raised by industry bodies
regarding the mandatory self-declaration certificate (SDC) for advertisements.
● A meeting held recently with industry representatives highlighted difficulties in obtaining SDCs,
including portal glitches and procedural complexities.

CSIR-CIMFR Launches Two-Day Workshop on Gasification Challenges and Opportunities- “CARING-

2024”
● The Central Institute of Mining and Fuel Research (CSIR-CIMFR) has launched its two-day
workshop, CARING-2024, focused on coal gasification.
● This event, hosted at the CSIR-CIMFR Digwadih Campus on June 26-27, 2024, has attracted
over 75 participants from leading organizations such as Coal India Limited (CIL), Steel Authority
of India Limited (SAIL), Jindal Steel and Power Limited (JSPL) Angul, Hindalco Industries, and
Thermax, among others.

73rd meeting of Network Planning Group under PM GatiShakti evaluates eight key infrastructure
projects
● The 73rd meeting of the Network Planning Group (NPG), held in New Delhi and chaired by Shri
Rajeev Singh Thakur, Additional Secretary of DPIIT, focused on evaluating eight significant
infrastructure projects.
● These projects spanned across the Ministry of Railways (MoR) and the National Industrial
Corridor Development Corporation (NICDC), aiming to bolster connectivity, enhance logistics,
and promote industrial growth across various regions of India.
Projects Evaluated:

1. Ministry of Railways Projects:

o Manmad to Jalgaon Railway Line (160 kms)

o Bhusawal to Burhanpur and Khandwa Railway Lines (130.5 kms)

Dr. Chandra Shekhar Kumar, Additional Secretary, represents India at CLGF Annual Board Meeting in
Colombo
● Additional Secretary, Ministry of Panchayati Raj, Dr. Chandra Shekhar Kumar represented India
at the three-day meeting of CLGF Annual Board in Colombo, Sri Lanka during 25th – 27th June
 2024.
● The conference facilitated regional exchange and priority setting for ongoing initiatives in
Commonwealth Asia.
● Prime Minister of Sri Lanka, Shri Dinesh Gunawardena inaugurated CLGF’s Commonwealth
Women in Local Government Network South Asia Regional Meeting on “Reinforcing Social
Resilience through Women’s Political Representation”.

DG, RPF launches Sangyaan App- A Comprehensive application for legal reference
● The Director General of Railway Protection Force (RPF) Shri Manoj Yadava launched the mobile
application-Sangyaan App, designed and developed by the Tech Team of RPF to provide in-
depth information on three new Criminal Acts: the Bharatiya Nyaya Sanhita (BNS) 2023, the
Bharatiya Nagarik Suraksha Sanhita (BNSS) 2023, and the Bharatiya Sakshya Adhiniyam (BSA)
2023.
● To provide detailed information to personnel, the Director General of the Railway Protection
Force also released a 'Handbook on Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023' in both
e-book and print formats. This handbook addresses the practical application of the Act in the
Force's operations.

Curtain Raiser for Launch of geoportals Bhuvan Panchayat (Ver. 4.0) & National Database for
Emergency Management (NDEM Ver. 5.0) by Union Minister Dr. Jitendra Singh
● Dr Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology,
Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic
Energy, Department of Space, Personnel, Public Grievances and Pensions, will inaugurate two
Geoportals in New Delhi.
● The Indian Space Research Organisation (ISRO) has developed these geospatial databases and
geoportals to support governance, sustainable development, and disaster management across
India.
● Bhuvan Panchayat (version 4.0): This portal is designed for decentralized planning under the
Ministry of Panchayati Raj.
● National Database for Emergency Management (NDEM version 5.0): This portal supports
disaster management efforts under the Ministry of Home Affairs.
 Seven CSIR labs inaugurated One Week One Theme Campaign on Energy and Energy Devices
theme
● The One Week One Theme (OWOT) Campaign was inaugurated by Hon’ble Union Minister of
State for S&T Dr. Jitendra Singh, alongside DG CSIR Dr. N. Kalaiselvi at India Habitat Centre,
Delhi.
● Following the inauguration, all CSIR labs have begun organizing programs focusing on the
OWOT theme of Energy and Energy Devices within their respective institutes.
● 7 CSIR labs initiated activities aligned with this theme.
1. CSIR-Central Institute of Mining and Fuel Research (CSIR-CIMFR), Dhanbad
2. CSIR-National Geophysical Research Institute (CSIR-NGRI), Hyderabad
3. CSIR- Central Salt and Marine Chemicals Research Institute, (CSIR-CSMCRI) Bhavnagar,
4. CSIR-Central Electrochemical Research Institute, (CSIR-CECRI) Karaikudi,
5. CSIR -Central Mechanical Engineering Research Institute, (CSIR-CMERI) Durgapur,
6. CSIR-Central Glass & Ceramic Research Institute, (CSIR-CGCRI) Kolkata,
7. CSIR-National Chemical Laboratory, (CSIR-NCL) Pune.
● The OWOT campaign spans 8 themes identified by CSIR, with all 37 CSIR labs scheduled to
conduct specific programs corresponding to each theme.

Health Ministry launches dashboard to aid quick monitoring of public health standards compliance
● The Union Health Ministry launched a dashboard that will aid the national, state and district
health facilities in quickly monitoring compliance concerning Indian Public Health Standards
(IPHS) and taking action accordingly.
● It also rolled out a virtual National Quality Assurance Standards (NQAS) assessment for
Ayushman Arogya Mandirs (AAM) and a spot food licence and registration initiative for food
vendors.
● The launch of the spot food licence initiative is a ground-breaking new functionality for the instant
issuance of licenses and registrations through the Food Safety and Compliance System
(FoSCoS).
● FoSCoS is a state-of-the-art, pan-India IT platform designed to address all food safety regulatory
needs.

Central Railway instals first-ever floating solar plant of Indian Railways

 ● The Central Railway has installed a floating solar plant of 10 MWp capacity in the Igatpuri Lake
located in the Western Ghats, a first-of-its-kind initiative by the Indian Railways, senior officials
stated.
● According to the Central Railway officials, the plant is committed to leveraging renewable energy
sources, utilising solar power, installing wind-energy resources, providing adequate passenger
amenities and contributing significantly towards the railways' goal of a "green Earth".
● Besides, the officials stated moving towards its ultimate goal of zero carbon emission by 2030,
the Central Railway has commissioned 12.05-MWp solar plants by utilising the rooftop of railway
stations and buildings, out of which, 4-MWp solar plants were provided last year.

Nearly 2 lakh women benefit from ITC’s ‘Climate Smart Agriculture’ programme

● ITC has extended its ‘Climate Smart Agriculture’ programme to nearly 2 lakh women in the
country.
● The annual report of the company for 2023-24 stated it has launched a comprehensive ‘Climate
Smart Agriculture’ programme across 19 States to enable a transformation journey from ‘low
yield low resilient’ areas to ‘high yield and high resilient’ villages through a package of agronomy
practices, climate resilient varieties, precision farming, water management and appropriate
mechanisation.
● According to the report, 27.94 lakh acres and over 10.5 lakh farmers, including 1.95 lakh women
farmers, have been covered under ITC’s ‘Climate Smart Agriculture’ programme till date.
● In addition to promotion of ‘Climate Smart Agriculture’ practices at scale in core agricultural
catchments, ITC also has a ‘Climate Smart Village’ (CSV) programme.

Government amends the EPS rule to provide withdrawal benefits to members having less than 6
months of service

● The Centre tweaked the Employees’ Pension Scheme (EPS), 1995, to ensure that members with
less than 6 months of contributory service can also withdraw funds.
● Every year, lakhs of EPS members leave the scheme prior to rendering the requisite 10 years of
contributory service for pension.
● These members are given withdrawal benefit as per the provisions of the scheme.
 ● The new amendment will benefit more than 7 lakh EPS members every year who leave the
scheme with less than 6 months of contributory service.
● The Employee's Pension Scheme (EPS) was introduced in the year 1995 with the main aim of
helping employees in the organised sector.
● The Employees' Provident Fund Organisation (EPFO) administers the system, which assures
that employees receive a pension after they reach the age of 58.
● The scheme's benefits are available to both existing and new EPF members.
● Both the employee and the employer contribute 12% of the employee's basic salary
and Dearness Allowance (DA) to the EPF.

INTERNATIONAL NEWS
India's 1st Woman United Nations Representative Ruchira Kamboj Retires After 35 Years of Service
• India's first woman Permanent Representative to the United Nations, Ruchira Kamboj, retired after
35 years of service.
• She served as an Indian envoy in Bhutan, South Africa, and the United Nations Educational,
Scientific and Cultural Organization (UNESCO).
• Kamboj was the All India women’s topper of the 1987 Civil Services batch and the topper of the
1987 Foreign Service batch.
About United Nations :
• Headquarters : New York City, United States
• Membership : 193 member states, 2 observer states
• Secretary General : António Guterres
• The United Nations (UN) is a diplomatic and political international organization whose stated
purposes are to maintain international peace and security, develop friendly relations among
nations, achieve international cooperation, and serve as a centre for harmonizing the actions of
nations.

India,United States, Japan, South Korea, and European Union Unveil Biopharmaceutical Alliance
● South Korea, India, the United States, Japan, and the European Union (EU) have collaborated to
establish an alliance aimed at creating a resilient supply chain in the biopharmaceutical sector.
 ● The inaugural meeting of the Biopharmaceutical Alliance took place in San Diego during the Bio
International Convention 2024.
● Representatives from government officials, as well as bio and pharmaceutical companies from
the participating countries, attended the meeting.
About South Korea :
● President : Yoon Suk Yeol
● Prime Minister : Han Duck-soo
● Capital : Seoul
● Currency : Korean Republic won
About United States :
● President : Joe Biden
● Capital : Washington, D.C.
● Currency : U.S. dollar
About Japan :
● Prime Minister: Fumio Kishida
● Capital: Tokyo
● Currency: Japanese yen

Australia to Introduce Mobility Arrangement for Talented Early-professionals Scheme Migration

Program for Indian Nationals Starting November 1, 2024
• The Australian Federal Budget Document has announced the implementation date for the
Mobility Arrangement for Talented Early-professionals Scheme (MATES) for Indian Nationals.
• The MATES Migration Scheme will come into effect from November 1, 2024 providing a new
mobility pathway for 3,000 Indian graduates and early career professionals.
• Under the MATES scheme Indian graduates and early career professionals (aged 18 to 30
years) with knowledge and skills in targeted fields of study, will be offered a new temporary
mobility pathway, to live and work in Australia for up to 2 years.
About Australia :
• Prime Minister - Anthony Albanese
• Capital - Canberra
• Currency : Australian Dollar
World Health Organization Unveils 1st Patient Safety Rights Charter at Global Ministerial Summit
• The World Health Organization (WHO) unveiled its inaugural Patient Safety Rights Charter at the
Global Ministerial Summit on Patient Safety.
• Purpose : The Charter delineates patients' rights within the realm of safety, assisting
stakeholders in crafting legislation, policies, and guidelines to bolster patient safety.
• The Charter emphasizes that every individual deserves safe healthcare, aligning with
international human rights standards irrespective of age, gender, ethnicity, religion, disability, or
socioeconomic status.
About WHO :
• Established : 7 April 1948
• Headquarters : Geneva, Switzerland
• Director General : Tedros Adhanom Ghebreyesus
• Parent organization : United Nations Economic and Social Council
• The WHO is a specialized agency of the United Nations responsible for international public
health.

IUCN launches GSAP SKILLS - the Global Species Action Plan Online Knowledge Platform
• Recently, the GSAP SKILLS Platform was launched at the 4th meeting of the Subsidiary Body on
Implementation, Convention on Biological Diversity.
• Global Species Action Plan(GSAP), the Species Conservation Knowledge, Information, Learning,
Leverage and Sharing (SKILLS) platform brings the GSAP’s content online and allows the
updating of technical tools and resources in real time.
• It aims to facilitate global collaboration and partnership, connecting decision-makers, species
conservation practitioners and experts at all levels.
India to remain fastest-growing among largest economies, says World Bank

• The World Bank retained its growth forecast for India at 6.6 percent for FY25.
• “India will remain the fastest-growing of the world’s largest economies, although its pace of
expansion is expected to moderate. After a high growth rate in FY 2023/24, steady growth of 6.7
percent per year, on average, is projected for the three fiscal years beginning in FY 2024/25,” the
multilateral bank stated in its latest biannual Global Economic Prospects.
 • For FY26 and FY27, the World Bank projected India’s economy to grow at 6.7 percent and 6.8
percent, respectively.

UN Declares 2025 International Year of Quantum Science, Technology

• A General Assembly meeting of the United Nations (U.N.) has announced that 2025 will be
the International Year of Quantum Science and Technology.
• The year-long global initiative aims to strengthen national basic sciences and science education
capacities and celebrate the impacts of quantum science on technology, culture and
understanding of the natural world.
• 2025 marks 100 years since Erwin Schrödinger developed wave mechanics and Werner
Heisenberg, Max Born and Pascual Jordan developed matrix mechanics, the first way of
expressing quantum physics using a mathematical formula.

PM Modi in Italy for G7 Summit opening Summit Venue

• The G7 summit will take place at the luxury resort of Borgo Egnazia in Italy's Apulia region from
June 13 to 15.
• The discussions are expected to focus on the ongoing war in Ukraine and the conflict in Gaza
• US President Joe Biden, French President Emmanuel Macron, Japanese Prime Minister Fumio
Kishida, and Canadian Prime Minister Justin Trudeau are among the prominent leaders attending
the summit.

India may sign FTA with Oman in the first 100 days of PM Modi's third term
• India may be finalising a Free Trade Agreement (FTA) with Oman within the first 100 days of
Prime Minister Narendra Modi’s third term, according to a report.
• The news comes after Modi announced that the strategic ties between the two nations are ‘set to
reach new heights’, a sentiment echoed during a review meeting chaired by Commerce Minister
Piyush Goyal.
• The Sultan of Oman, Haitham bin Tarik congratulated Modi on his third term.
• The FTA discussions between India and Oman gained momentum following a meeting between
Modi and Sultan bin Tarik in New Delhi on December 16, 2023.

United Nations Lists Hamas and Israel for Violations of Children's Rights
 ● The United Nations has added Israel's military, Hamas and Palestinian Islamic Jihad's armed
wing for the first time to its list of offenders for violating children’s rights.
● These three entities, along with Sudan's warring parties, have been identified for the killing and
maiming of children.
● Report on Children in Armed Conflict:The report titled "Children in Armed Conflict" highlighted
that children were killed and maimed in unprecedented numbers.
● UN Secretary-General's Statement:UN Secretary General António Guterres noted that the
conflict between Israel and Palestinian groups has led to grave violations of children's rights on
an unprecedented scale and intensity, especially in Gaza.
● Increase in Violations:The conflict in Gaza has resulted in a 155% increase in "grave violations"
against children.
● Verified Violations:In 2023, the UN verified more than 8,000 grave violations against 4,247
Palestinian children and 113 Israeli children.
● This list includes entities from various conflicts, such as Myanmar's Kachin Independence Army
and Russia during its war with Ukraine.
About United Nations (UN) :
● Established : 1945
● Headquarters : New York City, USA
● Membership : 193 member states, 2 observer states

China has 500 nuclear warheads according to SIPRI Report

● China has beaten its fellow superpowers when it comes to growing its stockpile of nuclear
warheads, a European think tank stated in a report.
● According to SIPRI, China has increased its nuclear warheads from 410 in 2023 to 500 at the
start of this year.
● North Korea has increased its warheads by two-thirds over the past year, going from 30 in 2023
to 50 this year, per the think tank.
● To be sure, China's and North Korea's growing nuclear stockpiles still cannot compare to what
the US and Russia have.
● In terms of total inventory, the US has 5,044 warheads while Russia has 5,580, and their
combined stockpile makes up almost 90% of the world's nuclear weapons, per SIPRI.
 ● China could have over 1,000 warheads by 2030
● Expanding its nuclear arsenal isn't China's only military goal.
● The country has also been focused on bolstering its naval capabilities.
● According to a 2021 US Navy Institute report, China has the world's largest navy, with over 355
vessels in its fleet.
● In July, leaked US Navy intelligence revealed that China's shipbuilding capacity is 232 times
greater than the US.

Alembic Pharmaceuticals Receives USFDA Approval for Generic Dabigatran Etexilate Capsules

● Alembic Pharmaceuticals Ltd has secured final approval from the US Food & Drug Administration
(USFDA) for its generic Dabigatran Etexilate capsules in 75 mg and 150 mg dosages.
● The company also received tentative approval for the 110 mg dosage.
● These capsules are used to reduce the risk of stroke and blood clots in adults with specific medical
conditions.
● Alembic Pharmaceuticals' approval from the USFDA marks a significant milestone, enhancing its
product portfolio in the US market and providing a cost-effective alternative to the brand-name drug
Pradaxa for patients requiring anticoagulant therapy.

● The approved Abbreviated New Drug Application (ANDA) for Dabigatran Etexilate capsules is
therapeutically equivalent to the Reference Listed Drug (RLD) product, Pradaxa Capsules by
Boehringer Ingelheim Pharmaceuticals, Inc.

● The approved dosages are 75 mg, 110 mg (tentative), and 150 mg.

External Affairs Minister Jaishankar And Sri Lanka President Commission Maritime Rescue
Coordination Centre
● External Affairs Minister (EAM) Jaishankar met Sri Lankan President Wickremesinghe and
commissioned the Maritime Rescue Coordination Centre (MRCC).
● Purpose : To enhance maritime security and coordination in Sri Lanka, funded by a USD 6 million
grant from India.
● This was Jaishankar’s first bilateral visit overseas after being re-appointed in the Cabinet.
● Wickremesinghe was among seven world leaders who attended the swearing-in ceremony of
Prime Minister Narendra Modi on June 9, 2024.
 ● Details of MRCC:The MRCC was commissioned with a $6 million grant from India.
● The MRCC includes a centre at Navy headquarters in Colombo and a sub-centre in Hambantota.
About Sri Lanka :
● President : Ranil Wickremesinghe
● Prime Minister : Dinesh Gunawardena
● Capital : Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
● Currency : Sri Lankan rupee
Srinagar Named 4th Indian 'World Craft City' by World Craft Council, Following UNESCO Creative City
Network Recognition
● Srinagar, a City in Jammu and Kashmir has become the 4th Indian city to be recognised as a
‘World Craft City’ by the World Craft Council (WCC), 3 years after it was designated as part of the
UNESCO Creative City Network (UCCN) for crafts and folk arts.
● The J&K administration applied for this recognition in 2021 alongside the UNESCO designation.
● The WCC tag for Srinagar will help artisans in the long term by enhancing global recognition and
demand for our handicrafts.
Other Recognized Indian Cities :
● Jaipur (City in Rajasthan) Malappuram (City in Kerala) and Mysore (City in Karnataka) are the
other Indian cities that have previously been recognised as World Craft Cities.
About WCC :
● Founded : June 1964.
● Founders : Aileen Osborn Vanderbilt Webb, Margaret M. Patch, and Kamaladevi Chattopadhyay.
● Leadership: The presidency changes every four years, and the current headquarters (2021-2024)
is in Kuwait.
● Current president is Saad al-Qaddumi.
● Mission: WCC is a non-governmental organization working to empower artisans and safeguard
craft heritage globally.
Kerala's Kozhikode Named India's First UNESCO 'City of Literature'
● Kozhikode in north Kerala, known for its rich cultural heritage, was officially declared as India's
first United Nations Educational, Scientific and Cultural Organization (UNESCO) 'City of
Literature'.
● This prestigious recognition, part of the UNESCO Creative Cities Network (UCCN), celebrates
 cities worldwide for their commitment to creativity as a strategic factor for sustainable urban
development.
● In October 2023, Kozhikode had earned a place in the 'Literature' category of the UCCN.
● The Kerala government also announced that from this coming year(2024), June 23 will be
celebrated as the 'City of Literature' Day of Kozhikode, a place known for literary greats like the
late S K Pottakkad and Vaikom Muhammed Basheer.
● On this day, special awards will be announced in 6 categories.
1. Comprehensive contribution.
2. Women writers.
3. Young writers.
4. Children’s literature.
5. Translations from Malayalam to other languages.
6. Translations from other languages to Malayalam.
Other Indian Cities in UCCN:
● Srinagar and Jaipur: Crafts and Folk Arts.
● Mumbai: Film category.
● Chennai and Varanasi: Music category.
● Hyderabad: Gastronomy category.
About UNESCO :
● Founded : 16 November 1945
● Headquarters : Paris, France
● Director General : Audrey Azoulay
● Members : 194 member states and 12 associate members
● UNESCO is a specialized agency of the United Nations (UN) with the aim of promoting world
peace and security through international cooperation in education, arts, sciences and culture.
About UCCN :
● UCCN is a flagship city programme of UNESCO launched in 2004 to promote cooperation
among cities which have recognized culture and creativity as strategic drivers of sustainable
urban development.
Finland to Launch World's First Bird Flu Vaccinations for Humans
● Finland is the first country to start offering preemptive bird flu vaccinations to certain workers
 exposed to animals.
● Target Population: Vaccines will be administered to workers at fur and poultry farms, lab
technicians handling bird flu samples, veterinarians working as animal control officers, and
people working in sanctuaries for wild birds, livestock farms, and animal by-product processing
plants.
● Age Group: The vaccine is available to those aged 18 and over who are at higher risk of
contracting avian influenza.
● Number of Vaccines Secured: Finland has secured vaccines for 10,000 people through a joint
EU procurement effort.
● Source of Vaccines: The joint EU procurement effort included up to 40 million doses for 15
nations from CSL Seqirus.
About Finland :
● President : Alexander Stubb
● Prime Minister : Petteri Orpo
● Capital : Helsinki
● Currency : Euro
Apple Becomes 1st Company Charged With Violating EU's Digital Markets Act Rules
● The European Union (EU) has initiated a new investigation into Apple's support for alternative
iOS marketplaces in Europe under the Digital Markets Act (DMA).
● The investigation focuses on Apple's App Store "steering" policies, which allegedly violate the
DMA aimed at promoting competition.
● Apple is the first company to be charged with violating the DMA, a law enacted in 2022 to
empower EU regulators to mandate changes in business practices of major online platforms.
About Apple Inc :
● Founded : April 1, 1976
● Headquarters : California, United States
● Chairman : Arthur Levinson
● CEO : Tim Cook
Paraguay Joins as the 100th Full Member of the International Solar Alliance
● Paraguay has become the 100th country to join as a full member of the International Solar
Alliance (ISA).
 ● Ambassador of Paraguay, H.E. Mr. Fleming Raul Duarte, handed over the Instrument of
Ratification during a meeting with Shri Abhishek Singh, Joint Secretary (ED & MER) and Head of
Depository, in New Delhi.
● Spain became the 99th member of the ISA earlier this year, as it handed over the Instrument of
Ratification on May 21, 2024.
About ISA :
● Launched on 30 November 2015 by Prime Minister Shri Narendra Modi and President of France,
H.E. Mr. Emmanuel Macron during COP21 in Paris.
● Headquarters : Gurugram, Haryana, India
● Director General : Dr. Ajay Mathur
● The ISA aims to accelerate the deployment of solar energy globally in support of Climate Action.
● 119 countries are now signatories to the ISA Framework Agreement.
● Out of these, 100 have finished the ratification process and become full members.
● One of the significant driving philosophies of ISA is "One Sun One World One Grid" (OSOWOG).
About Paraguay :
● President : Santiago Peña
● Capital : Asunción
● Currency : Guaraní

STATE NEWS
Kerala Introduces Artificial Intelligence Learning in School Textbooks
● Kerala has introduced Artificial Intelligence (AI) learning in the Information & Communication
Technology (ICT) textbook of Class 7.
● This initiative aims to familiarise over 4 lakh students with AI in the upcoming academic year.
● AI Program Activity:In the 'Computer Vision' chapter, students will create an AI program that can
recognize up to seven human facial expressions.
About Kerala:
● Capital: Thiruvananthapuram
● Chief Minister: Pinarayi Vijayan
● Governor: Arif Mohammad Khan
 ● National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park,
Silent Valley National Park, Indira Gandhi National Park
Hyderabad No Longer Serves as Joint Capital for Telangana and Andhra Pradesh
• Hyderabad, one of the bustling metropolitan cities of the country, ceased to be the common
capital of Telangana and Andhra Pradesh on June 2, 2024, as per the Andhra Pradesh
Reorganisation Act, 2014.
• Starting from June 2, 2024, Hyderabad is the capital city of Telangana only.
• Hyderabad was made the capital city of both Telangana and Andhra Pradesh for a period of 10
years following the bifurcation of undivided Andhra Pradesh in 2014.
Bihar's Nagi and Nakti Bird Sanctuaries Designated as Ramsar Wetlands
● Bihar's Nagi and Nakti bird sanctuaries have been added to the global list of wetlands of
international importance under the Ramsar Convention.
● With the addition of Nagi and Nakti bird sanctuaries, the total number of Ramsar sites in India has
increased to 82.
● These two wetlands are situated in Bihar's Jamui district, specifically in the Jhajha forest range.
● These two wetlands are man-made reservoirs situated in the Jhajha forest range of Jamui.
● Both sites were declared as Wetlands of International Importance on World Environment Day,
celebrated on June 5, 2024.

About Bihar :
● Governor : Rajendra Arlekar
● Chief Minister : Nitish Kumar
● Capital : Patna
● National Park : Valmiki National Park
● Wildlife Sanctuary : Bhimbandh Sanctuary, Kaimur Wildlife Sanctuary
Himachal Pradesh Government Raises Prize Money for Winners of International Sporting Events
● The Himachal Pradesh (HP) government, under Chief Minister Thakur Sukhvinder Singh Sukhu,
has significantly raised the prize money for medal winners in various international sporting
events.
● The prize money for gold medal winners in the Olympics, Winter Olympics, and Paralympics has
been increased from Rs 3 crore to Rs 5 crore.
 ● Similarly, silver medalists will now receive Rs 3 crore instead of Rs 2 crore, and bronze medalists
will be awarded Rs 2 crore instead of Rs 1 crore.
About Himachal Pradesh :
● Governor : Shiv Pratap Shukla
● Chief Minister : Sukhvinder Singh Sukhu
● National Park : Great Himalayan National Park
● Wildlife Sanctuary : Kalatop Wildlife Sanctuary, Chail Wildlife Sanctuary, Manali Wildlife
Sanctuary

Rajasthan Chief Minister Bhajan Lal Sharma Announces ₹2,000 Increase in Kisan Samman Nidhi
Assistance to Farmers Following BJP’s Poor Performance in Lok Sabha Polls
● The Rajasthan State government, following the BJP's poor performance in the Lok Sabha
election, announced a ₹2,000 increase in the annual honorarium paid to farmers under the Union
government’s Kisan Samman Nidhi.
● With the state government's contribution, the amount given to each farm household has been
raised from ₹6,000 to ₹8,000 per year.
● Government's Commitment to Farmers: Chief Minister Bhajan Lal Sharma emphasized the
government's commitment to 'Annadata Utthan' (farmers' upliftment), indicating a proactive
stance towards supporting agricultural communities.
About Rajasthan :
● Governor: Kalraj Mishra
● Capital: Jaipur
● National Park: Keoladeo National Park, Ranthambore National Park
● Wildlife Sanctuary: Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary

Chief Minister M.K. Stalin Launches 'Chief Minister’s Mannuyir Kaathu Mannuyir Kaappom' Scheme to
Enhance Soil Health in Tamil Nadu

● Chief Minister M.K. Stalin inaugurated the ‘Chief Minister’s Mannuyir Kaathu Mannuyir Kaappom’
scheme to improve soil health across Tamil Nadu (TN).

● Financial Outlay: The scheme is implemented with an initial outlay of ₹206 crore.
● Allocation for Green Manure: ₹20 crore has been allotted specifically for the preservation of soil
 fertility through the use of green manure.
● Implementation Phase: The scheme will be rolled out in phases.
● The first phase, scheduled for 2024-25, aims to distribute green manure seeds covering about 2
lakh acres.
● Beneficiaries: Over 2 lakh farmers are expected to benefit from the distribution of green manure
seeds in the initial phase.
● Support for Farmers: As part of the scheme, tractors are being made available to farmers at a
nominal cost. 90 tractors and rotavators have been acquired for this purpose at a cost of ₹10.25
crore.
● Youth Training Program: A program organized by the Agricultural Engineering Department
includes training youths in tractor driving skills.
● Tractors were flagged off for this purpose at the event.

About Tamil Nadu :

● Governor: R. N. Ravi
● Chief minister: M. K. Stalin
● Capital: Chennai
● Dance : Bharatnatyam, Karakattam
● National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of
Mannar Marine National Park
● Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird
Sanctuary
● Tiger Reserve: Anamalai Tiger Reserve
● Biosphere Reserve : Agasthyamalai Biosphere Reserve

Assam Introduces Monthly Allowance to Prevent Child Marriage and Promote Education

● Assam Chief Minister Himanta Biswa Sarma announced that his government will provide monthly
stipend to all girl students from class 11 to post-graduation over the next 5 years.
● This move is aimed to prevent child marriages.
● The scheme, 'Nijut Moina', was approved by the cabinet, which estimated that Rs 1,500 crore
would be required in 5 years to give the incentives to around 10 lakh girls.
 ● A married girl will not get the benefit.
● The only exception will be those married girls who are enrolled in PG courses, they will also
benefit.
● All girls studying in classes 11 and 12 will get Rs 1,000 every month, it will be Rs 1,250 for
degree students and Rs 2,500 for girls doing post-graduation.
● Except for daughters of ministers, MLAs and MPs, and those students studying in private
colleges, all girls irrespective of their financial background will be included in the scheme.
● This amount will be received by the students on the 11th of every month and the burden on the
parents will be reduced to a large extent and they will be able to send their daughters to college
and university.
About Assam :
● Governor : Gulab Chand Kataria
● Chief Minister : Himanta Biswa Sarma
● Capital: Guwahati
● National Park: Kaziranga National Park, Manas National Park, Nameri National Park
● Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife
Sanctuary

Jharkhand Government Announces Waiver of Farm Loans Up to ₹2 Lakh

● The Jharkhand government, led by Chief Minister Champai Soren, plans to waive farm loans up
to ₹2 lakh.
● This is an increase from the previous waiver amount of ₹40,000.
● The free electricity quota for households will be raised from the current 125 units to 200 units.
Other Initiatives :
● Support for Unemployed Youth : Financial Support : The government aims to support
unemployed youth by offering loans of ₹25 lakh with a 40% subsidy to facilitate the establishment
of businesses for sustainable livelihoods.
● Education Sector InitiativesTeacher Recruitment:The recruitment process for 40,000 assistant
teachers is underway and expected to be completed by September.
● Recruitment of tribal and regional language teachers is scheduled to begin next month.
● Development Projects and Housing SchemeDevelopment Projects:Inaugurated and laid
 foundation for 182 development projects valued at ₹152.76 crore.
● Housing Scheme:The state government initiated construction and distribution of houses under
the Abua Awas Yojana for tribal communities.
About Jharkhand :
● Governor : C. P. Radhakrishnan
● Chief Minister : Champai Soren
● Capital : Ranchi
● Tiger Reserve : Palamu Tiger Reserve
● Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake
Bird Wildlife Sanctuary

Madhya Pradesh Finalizes Preparations for Second Cheetah Habitat at Gandhi Sagar Sanctuary
● The Madhya Pradesh (MP) government has completed its preparations for the reintroduction of
the cheetahs in the Gandhi Sagar Wildlife Sanctuary, which will be the second home for
cheetahs in India, after the Kuno National Park (KNP).
● Under the ambitious cheetah reintroduction project, 8 Namibian cheetahs were released into
enclosures at KNP in MP’s Sheopur district on September 17, 2022.
● Later (in February 2023), 12 more cheetahs were brought from South Africa.
Why is Gandhi Sagar an ideal habitat for cheetahs?
● According to MP’s wildlife officials, the sanctuary makes for perfect cheetah habitat, as it looks
like Maasai Mara - a national reserve in Kenya known for its savanna wilderness and wildlife.
About the Gandhi Sagar Wildlife Sanctuary :
● The sanctuary (notified in 1974) is spread across (an area of 368.62 sq km) the districts of
Mandsaur (187.12 sq km) and Neemuch (181.5 sq km) in western MP, right on the border with
Rajasthan.
● The Chambal River cuts the sanctuary into two almost equal halves and the Gandhi Sagar dam
(constructed on the river in 1960) lies within the area of the sanctuary.
● Preparations for the Introduction of Cheetahs in Gandhi Sagar : A 64 sq km area has been
developed for the cheetahs at a cost of Rs. 17.72 crores.
● A soft release enclosure (boma) of 1 sq km, with four equal partitions, has been constructed to
provide a suitable and secure habitat.
 ● The Chairperson of the Cheetah Steering Committee was tasked to oversee and evaluate the
overall readiness of the WLS to “ensure that the sanctuary is adequately equipped and prepared
to support the successful integration and conservation of cheetahs within its natural landscape”.
About MP :
● Governor : Mangubhai C. Patel
● Chief Minister : Mohan Yadav
● Capital : Bhopal
● National Park : Satpura National Park, Kanha National Park, Bandhavgarh National Park
● Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

Karnataka Governor inaugurates National Yoga Olympiad 2024 in Mysuru

● Karnataka Governor inaugurated the ninth National Yoga Olympiad (NYO) 2024, at the
convocation hall of Karnataka State Open University (KSOU), in Mysuru.
● Yoga has been a part of Indian culture and tradition since ancient times.
● The importance of yoga is mentioned in our scriptures and it is a part of the whole world
today. That is why India is considered as 'Guru of Yoga', stated Governor of Karnataka
Thawar Chand Gehlot.
● On September 27, 2014, Prime Minister Narendra Modi called upon all the countries of the
world to adopt yoga and proposed to celebrate Yoga Day every year.
● The proposal was adopted and implemented by the United Nations General Assembly in
90 days.
● Since then, International Yoga Day has been celebrated on June 21, in our country and
the world, Gehlot stated.
● More than 400 students and 100 teachers are participating in the three-day NYO, at the
Regional Institute of Education (RIE) of National Council National Council of Educational
Research and Training (NCERT), Mysuru.
● The theme for NYO 2024 is 'Yoga for Self and Society'.

Maharashtra Budget Announces Major Sops Ahead of Assembly Polls: ₹1,500 Monthly for Women, 3
Free LPG Cylinders Annually
● Maharashtra Deputy Chief Minister Ajit Pawar, who holds the finance portfolio, presented a Rs
 20,051 crore revenue deficit budget for the current fiscal even as he announced several sops for
women, youths and farmers, among other sections, entailing an expenditure of more than Rs
80,000 crore.
● An outlay of Rs 1.92 lakh crore was proposed under the scheme expenditure in the annual plan
2024-25.
Schemes and Benefits
● Mukhyamantri Majhi Ladki Bahin Yojana
➢ Target Group: Women aged 21 to 60 years.
➢ Benefit: Monthly allowance of Rs 1,500.
➢ Purpose: Ensuring overall development and empowerment of women, including economic
independence, self-reliance, health, and nutrition.
➢ Annual Allocation: Rs 46,000 crore.
➢ Implementation: From July 2024.
● Mukhyamantri Annapurna Yojana
➢ Benefit: Three free LPG cylinders per household per year.
➢ Purpose: Improving women's health by ensuring access to clean cooking fuel.
➢ Beneficiaries: 52,16,412 families.
● Stipend for Youths
➢ Benefit: Rs 10,000 per month.
➢ Purpose: Skill training for youths to enhance employability.
● Punyashlok Ahilyadevi Holkar Mahila Startup Scheme
➢ Objective: Support small women entrepreneurs.
➢ Implementation: Launch scheduled for this year.
● Reimbursement of Tuition and Examination Fees for Professional Courses
➢ Beneficiaries: Girls from OBC communities and economically weaker sections (annual
family income up to Rs 8 lakh).
➢ Courses Covered: Engineering, architecture, pharmacy, medicine, and agriculture.
➢ Benefit: Full reimbursement of fees.
➢ Impact: Benefits 2.05 lakh girls, starting from academic year 2024-25.
➢ Cost: Approximately Rs 2,000 crore from the state exchequer.
● Magel Tyala Scheme
 ➢ Initiative: Providing solar power pumps to 8.5 lakh farmers.
➢ Objective: Solarizing agricultural electricity grids to provide free daytime electricity.
➢ Benefit: Free electricity for agriculture pumps up to 7.5 horse power capacity.
➢ Support: 44.06 lakh cultivators to benefit.
➢ Provision: Rs 14,761 crore subsidy allocated.
● Mukhyamantri Yuva Karyaprashikshan Yojana
➢ Purpose: Skill training program for youths.
➢ Training Scope: Industrial and non-industrial establishments.
➢ Beneficiaries: 10 lakh youths annually.
➢ Stipend: Up to Rs 10,000 per month per trainee.
➢ Cost: Estimated expenditure of Rs 10,000 crore.
● VAT Reduction on Diesel and Petrol
➢ Region: Mumbai, Thane, and Navi Mumbai.
➢ Reduction: VAT reduced from 24% to 21%.
➢ Impact: Decrease in diesel price by around Rs 2 per litre and petrol by 65 paise per litre.
➢ Cost: Rs 200 crore impact on state exchequer.
About Maharashtra :
● Governor: Ramesh Bais
● Chief Minister: Eknath Shinde
● Capital: Mumbai
● National Park: Tadoba National Park, Navegaon National Park
● Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife
Sanctuary
● UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco
Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

Jharkhand Cabinet Approves Financial Aid Scheme for 4.5 Million Women

● The Jharkhand Cabinet approved the 'Mukhya Mantri Bahan Beti Maiqui Swabalamban
Protsahan Yojana,' a financial assistance scheme for 45 lakh women in the state.
● Under the scheme, each eligible woman will receive Rs 1,000 per month.
 ● The state government will bear Rs 5,500 crore annually for this initiative.
● Eligibility Criteria: The scheme is applicable to women aged 21 to 50 years.
About Jharkhand :
● Governor : C. P. Radhakrishnan
● Chief Minister : Champai Soren
● Capital : Ranchi
● Tiger Reserve : Palamu Tiger Reserve
● Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake
Bird Wildlife Sanctuary

Telangana Chief Minister A Revanth Reddy announces Rs 2 lakh loan waiver for state farmers
● The Telangana state cabinet has approved a proposal to waive up to 2 lakh rupees worth of crop
loans for each farmer in the state by August 15, 2024.
● This fulfils a promise made by the Congress party before the Assembly elections last year.
● Eligibility and Timeline:Crop loans taken between December 12, 2018, and December 9, 2023,
are eligible for the waiver.
● Financial Implications:The estimated cost for the crop loan waiver is Rs 31,000 crore.
● It is expected to benefit around 40 lakh farmers in Telangana.
● Comparison with Previous Schemes:The previous government's crop loan waiver scheme cost
Rs 28,000 crore to the state treasury.
● Previous waivers by the BRS government:
➢ First term: Rs 16,000 crore (cut-off date: March 31, 2014).
➢ Second term: Rs 12,000 crore (cut-off date: December 11, 2018).
● Rythu Bharosa and Committee Formation : The Cabinet also approved setting up a Cabinet sub-
committee headed by Deputy Chief Minister M. Bhatti Vikramarka to prepare guidelines for the
implementation of Rythu Bharosa in place of Rythu Bandhu, with a deadline to submit its report
by July 15.
About Telangana :
● Governor : C. P. Radhakrishnan
● Chief Minister : Anumula Revanth Reddy
● Capital : Hyderabad
 ● National Parks : Mrugavani National Park, KBR Park
● Wildlife Sanctuaries : Pranahita wildlife sanctuary, Shivaram wildlife Sanctuary, Nagarjuna
Sagar-Srisailam Tiger Reserve, Kinnerasani Wildlife Sanctuary

Patna High Court Overturns Bihar Government's Increase in Reservation for Backward Classes from
50% to 65%
● The Patna High Court set aside amendments passed by the Bihar legislature in 2023, which
sought to increase reservation for Backward Classes (BC), Extremely Backward Classes (EBC),
Scheduled Castes (SC), and Scheduled Tribes (ST) from 50% to 65% in educational institutions
and government jobs.
● A Public Interest Litigation (PIL) challenging the increase in reservation was filed on November
27, 2023.
● After hearings, the court reserved its decision on March 11, 2024, and announced its decision on
June 20, 2024, overturning the amendments.
What is meant by Public Interest Litigation (PIL)?
● Public Interest Litigation (PIL) refers to legal action initiated in a court of law to safeguard the
broader interests of the public.
● It addresses issues impacting the public at large, such as environmental pollution, terrorism, road
safety, and construction hazards.
About Bihar :
● Governor : Rajendra Arlekar
● Chief Minister : Nitish Kumar
● Capital : Patna
● Wildlife Sanctuaries : Gautam Budha Wildlife Sanctuary, Pant Wildlife Sanctuary, Kaimur Wildlife
Sanctuary

Kerala Assembly Approves Resolution to Rename State to ‘Keralam’

● The Kerala Legislative Assembly unanimously passed a resolution on June 24 to change the
name of the state from 'Kerala' to 'Keralam'.
● The resolution, moved by Chief Minister Pinarayi Vijayan, called for invoking Article 3 of the
 Indian Constitution to effectuate this change in the First Schedule.
● Article 3 of the Indian Constitution: The resolution invokes Article 3, which deals with the
formation of new states and the alteration of areas, boundaries, or names of existing states
● Ongoing Name Change Requests:West Bengal has also been seeking a name change to
Bangla, which would move it up in the alphabetical listing of Indian states.
About Kerala:
● Capital: Thiruvananthapuram
● Chief Minister: Pinarayi Vijayan
● Governor: Arif Mohammad Khan
● National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park,
Silent Valley National Park, Indira Gandhi National Park

Hemis Tseschu Festival Commences in Ladakh

● The Hemis Monastic Festival, also known as Hemis Tseschu, is an annual celebration of Tibetan
Buddhism in Ladakh, India.
● In 2024, the festival will be held on June 16th and 17th.
● The festival marks the birth anniversary of Guru Padma Sambhava.
About Ladakh :
● Lieutenant Governor : B. D. Mishra
● Capital : Leh, Kargil

Telangana to Establish Integrated Gurukul Schools in Every Assembly Constituency for Modern
Education
● The Telangana government is planning to set up 'integrated residential campuses', comprising
Scheduled Castes (SC), Scheduled Tribes (ST), Backward Class (BC), and minority residential
schools, in all assembly constituencies.
● The decision to establish integrated campuses instead of separate SC, ST, BC, and minority
residential schools.
● The integrated campuses would be set up as pilot projects in Kodangal (CM's assembly
segment) and Madhira (represented by deputy CM).
About Telangana :
 ● Governor : C. P. Radhakrishnan
● Chief Minister : Anumula Revanth Reddy
● Capital : Hyderabad
● National Park : Mrugavani National Park, KBR Park
● Wildlife Sanctuary : Pranahita wildlife sanctuary, Shivaram wildlife Sanctuary

BUSINESS NEWS
PwC to become OpenAI's largest enterprise customer amid genAI boom
• PwC will become the largest customer and the first reseller of OpenAI's enterprise product as
businesses accelerate their adoption of generative artificial intelligence.
• PwC plans to roll out ChatGPT Enterprise, a version of the Microsoft-backed AI startup's chatbot
designed for large companies.
• The firm will provide ChatGPT Enterprise to its 75,000 U.S. employees and 26,000 UK employees,
enhancing their capabilities with advanced AI tools.
• OpenAI is led by CEO Sam Altman and is headquartered in San Francisco.

Dhaksha uses Dassault’s platform to accelerate the development of new drones

• French tech firm Dassault Systemes announced that Dhaksha Unmanned Systems Pvt Ltd, a
Chennai-based drone manufacturer, has adopted its Modsim modeling and simulation tools on the
3DEXPERIENCE platform to develop and launch next-generation drones at lower costs.
• Dhaksha, a subsidiary of Murugappa Group’s Coromandel International, has already developed
agriculture drones using Modsim and will deliver a new set of drones to its customers next month.

India’s GDP Exceeds Estimates, Grows At 8.2% In FY24 And 7.8% In Q4

• India's real GDP grew by 7.8% in the fourth quarter (January-March) of FY 2023-24, propelling the
full-year growth to an impressive 8.2%.
• Economists' Surprise: Higher-than-Expected Growth
• The Q4 growth rate of 7.8% surpassed economists' highest estimates of 7.3-7.4%, indicating a
stronger-than-anticipated economic performance.

India's fiscal deficit improves to 5.6% of GDP in FY24, lower than target of 5.8%
• India's fiscal deficit stood at Rs 16.54 lakh crore in FY24, below the budgetary target of Rs 17.86
lakh crore, achieving 95.3% of the target.
 • The central government's fiscal deficit was 5.6% of GDP in FY24, lower than the revised estimate
of 5.8%.
• Total Expenditure: Total expenditure was Rs 44.43 lakh crore, or 99% of the targeted amount for
the year.
• The fiscal deficit for April 2024 stood at Rs 2.1 lakh crore, or 12.5% of the full-year target.

REC board approves raising borrowing limit in foreign currency to $24 bn

• State-owned REC Ltd has approved an increase in its foreign currency borrowing limit to $24
billion from $20 billion.
• Despite the increase in foreign currency borrowing, the overall borrowing limit in Indian rupees
remains at Rs 6 lakh crore.
• The board has also approved raising up to Rs 1,45,000 crore through the private placement of
unsecured/secured non-convertible bonds/debentures.
About REC Ltd
• REC Ltd, operating under the Ministry of Power, is a non-banking finance company, public financial
institution, and infrastructure financing company.

India received the highest FDI from Singapore in 2023-24; Mauritius second biggest investor
• India received the highest foreign direct investment (FDI) from Singapore in 2023-24, even as
overall overseas capital inflows into the country contracted by approximately 3.5% due to global
economic uncertainties.
• Despite a 31.55% decrease in FDI from Singapore to $11.77 billion in 2023-24, India attracted the
maximum inflows from that country, continuing the trend since 2018-19.
• While FDI from Mauritius decreased to $7.97 billion in the last fiscal year, the United States
emerged as the third-largest investor in India in 2023-24 with $4.99 billion.
• Other significant investors include the Netherlands, Japan, the UAE, UK, Cyprus, Germany, and
the Cayman Islands.

Russia Emerges as India's Top Oil Supplier for Second Consecutive Year
 • Russia has solidified its position as the leading oil supplier to India for the fiscal year 2023/24,
marking the second consecutive year of dominance and reshaping market dynamics by reducing
the market share of Middle Eastern and OPEC producers to historic lows.
• Russian oil constituted approximately 35% of India's total crude imports, amounting to 4.7 million
barrels per day (bpd) during the fiscal year ending on March 31.
• Iraq maintained its position as the second-largest oil supplier to India, with Saudi Arabia, UAE,
Qatar, and the US following suit in the fiscal year 2023/24 ranking.

RIL to build Global Economic Hub in Navi Mumbai

• Reliance Industries Limited (RIL) is set to establish a global economic hub in Navi Mumbai,
having secured sub-leases on approximately 3,750 Acres of land for an estimated INR 13,400
Crore.
• The lease duration is 43 years, following a memorandum of understanding signed with
the Maharashtra Government back in 2018.
• The land, initially allotted to the Navi Mumbai SEZ (NMSEZ) in 2006, will be used to develop an
integrated industrial area.
• RIL aims to create a world-class integrated digital services industrial area through global
partnerships.

Netherlands Becomes India's Third Largest Export Destination In 2023

• The Netherlands has emerged as India's third largest export destination after the US and UAE in
2023-24, with key exports including petroleum products, electrical goods, chemicals, and
pharmaceuticals.
• India’s trade surplus with the Netherlands rose to USD 17.4 billion in the last fiscal year.
• This development comes amid a dip in India's overall merchandise shipments by over 3 per cent,
according to the commerce ministry data.
• Significant exports to the Netherlands included petroleum products valued at USD 14.29 billion,
along with electrical goods, chemicals, and pharmaceuticals.
About Netherlands:
• Capital: Amsterdam
• Currency: Euro
 • Prime Minister: Mark Rutte

Volvo to issue world's first EV battery passport ahead of EU rules

How green is your green car:
• Even as electric vehicles (EVs) are touted as the best for the planet, the components - especially
in the batteries - may not quite be.
• As such, Volvo is set to issue the world's first EV battery passport that will record the source of
components and raw materials, and list out the carbon footprint of the company's flagship EX90
electric SUV.
• The passport has been worked out by Volvo in partnership with UK-based startup Circulor.
CBDC usage soars 39-fold among retail users, plunges in wholesale
• The outstanding amount for Central Bank Digital Currency (CBDC) in the wholesale segment
crashed while its usage in the retail segment climbed 39 times in the past year.
• In the wholesale segment, the outstanding amount stood at ₹8 lakh in March 2024, down from ₹10.6
crore last year.
• In the retail segment, the amount climbed to ₹234 crore in March 2024, up from ₹6 crore last year.
• India's CBDC, the Digital Rupee (e₹), is a digital form of its official currency, introduced after the
FY23 budget.

NSE creates a world record for handling 1,971 crore transactions in a single day
• The National Stock Exchange of India, the country's largest stock exchange and the world's largest
derivatives exchange, made history by registering the highest-ever transactions in a single day.
• The exchange handled 1,971 crore orders and 28.55 crore trades, marking a significant milestone in
its operational history.
• Earlier, NSE Indices Ltd, a subsidiary of NSE, launched India's first thematic index to track the
electric vehicle and new-age automobiles segment, showcasing the exchange's commitment to
innovation and diversification.

About NSE

• National Stock Exchange of India Limited is one of the leading stock exchanges in India, based in
Mumbai.
• NSE is under the ownership of various financial institutions such as banks and insurance
companies.

• Founded: 1992; 32 years ago

• Chairperson: Girish Chandra Chaturvedi

• MD & CEO: Ashishkumar Chauhan

Adani Solar retains Top Performer ranking in Kiwa PVEL’s PV Module Reliability Scorecard for the
seventh year
● Adani Solar, the solar photovoltaic (PV) manufacturing arm of the Adani Group, has been
recognized as a Top Performer in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard.
● Independent Laboratory: Kiwa PVEL is an independent laboratory serving the downstream solar
industry.
● Annual Scorecard: Their annual scorecard highlights manufacturers that have produced PV modules
demonstrating noteworthy results in independent testing.

Coca-Cola Announces Rs 700 Crore Investment in Telangana with New Plant

• The renowned beverage giant, Coca-Cola is set to bolster its manufacturing capacity with a new
greenfield plant in Telangana's Peddapalli district.
• Hindustan Coca Cola Beverages (HCCB), the company's wholly owned bottling arm, will spearhead
the establishment of the plant, having already identified potential sites for the facility.
• During discussions with a delegation including Industries and IT Minister D. Sridhar Babu and R&B
and Cinematography Minister Komatireddy Venkatreddy at Coca Cola's headquarters in Atlanta,
United States, Head of Fiscal Policy Jonathan Rief and other senior executives shared plans for the
new plant.

Ola Electric gets Sebi's nod to launch IPO

• Ola Electric has received approval from the markets regulator Securities and Exchange Board of
India (SEBI) for its initial public offering (IPO).
• The Bhavish Aggarwal-led electric vehicle (EV) company plans to raise Rs 5,500 crore through
the IPO in a combination of a fresh issue of shares and an offer for sale, stated sources aware of
the development.
 • Ola Electric had filed its Draft Red Herring Prospectus (DRHP) with the SEBI in December 2023.
• If things go as planned, the company will become the first one from the Indian two-wheeler EV
industry to go public.

India to clock highest growth in tech spending in 2024 in APAC: Report

• India’s technology spending this year is estimated to grow by 8 percent – the highest in Asia
Pacific (APAC), stated.
• India’s technology spending will reach around $54.5 billion (around Rs 4.49 trillion), according to
Forrester’s ‘Asia Pacific Tech Market Forecast, 2023 to 2027’.
• Technology spending in APAC will grow at a compound annual growth rate (CAGR) of 6.4
percent to 7.4 percent per year from 2024 to 2027, reaching $876 billion in 2027.

Insurtech startup Kenko Health stares at shutdown

• Insurtech startup Kenko Health is on the verge of shutting its operations due to an ongoing
shareholder battle within the company, according to the public.
• Kenko Health, backed by Peak XV Partners (formerly Sequoia Capital India) and Orios Venture
Partners, is in need of funds to meet requirements put forth by the insurance regulator.
• The startup was close to raising capital from the Hero Group, but a few existing investors who
risked significant stake dilution at the proposed valuation could not agree on a deal, people close
to the development stated.

Nabard may raise Rs 30,000 crore through bonds in FY25, says CRISIL

• National Bank for Agriculture and Rural Development (Nabard) is planning to raise up to Rs
30,000 crore through bonds in the current financial year (FY25) to support lending operations,
according to rating agency CRISIL.
• The money raised through the market covering bonds and money market instruments had about
51.5 percent share in total borrowings by Nabard at the end of March 2024.
• The government-owned development finance institution’s (DFI’s) total borrowings stood at Rs
7.89 trillion as of March 2024, according to CRISIL analysis.

Snapdeal signs MOU with Bhashini to Boost Digital Inclusion in India

• E-commerce platform Snapdeal has signed a Memorandum of Understanding (MOU) with Digital
India Bhashini, an Independent Business Division established by the Ministry of Electronics and
 Information Technology (MeitY) within Digital India Corporation (DIC) to address the diverse
linguistic landscape of India, the company stated.
• The MOU was signed between Bharat Venishetti of Snapdeal and Amitabh Nag, chief executive
officer of Bhashini.
• The collaboration aims to leverage Artificial Intelligence (AI) to develop products and services
focusing on voice-first technology for nine vernacular languages to enhance language translation
efforts to promote digital inclusion in India.

The Pharma sector will cross $130-bn mark by 2030

• Hyderabad, which is known as the pharma hub of India, is home to 214 USFDA approved
facilities in the city and as the growth of the pharma market is coming from complex molecules, it
will force companies to invest and build future state-of-the art labs, stated Dr Reddy’s
Laboratories Limited’s official.
• The pharmaceutical sector in India is expected to reach $65 billion by 2024, and $130 billion by
2030.

Adani group strengthens hold in defence sector, inks pact with UAE firm Edge Group

• The Gautam Adani-group stepped up its presence in the defence segment by joining hands with
Edge Group, one of the world’s leading advanced technology and defence group. Group arm
Adani Defence & Aerospace signed the milestone agreement with the UAE company.
• A press statement from the conglomerate stated the agreement aims
• to establish a global platform leveraging the defence and aerospace capabilities of both
companies to bring together their respective product portfolios and cater to the requirements of
global and local customers.

Amazon To Invest Billions In Taiwan Cloud Infrastructure, Expanding AWS Presence In Asia
• Amazon Web Services (AWS) announced it will launch an AWS infrastructure Region in Taiwan
by early 2025.
• The new AWS Asia Pacific (Taipei) Region will give developers, startups, entrepreneurs, and
enterprises, as well as education, entertainment, financial services, and nonprofit organizations,
 greater choice for running their applications and serving end users from data centers located in
Taiwan, ensuring that customers who want to keep their content in Taiwan can do so.

India's CPI inflation eases to a 12-month low of 4.75 per cent in May 2024
• India's consumer price inflation eased to a 12-month low of 4.75 per cent in May 2024, compared
to the same month of the previous year as declining fuel and cooking oil prices helped to bring
down the burden on household budgets, figures released by the Ministry of Statistics.
• CPI inflation had come down to 4.83 per cent in April, which was an 11-month low and the
declining trend is continuing.
• "Spices has shown a considerable decline at sub-group level in year-on-year inflation as
compared to April 2024. Among the groups, inflation corresponding to 'Clothing & Footwear',
'Housing', and 'Miscellaneous' has decreased since last month,” the Ministry stated.

Industrial production declines to a three-month low of 5% in April 2024

• The Index of Industrial Production (IIP) in India slowed to 5 per cent in April 2024, a three-month
low, as against 5.4 per cent in March, revealed the data provided by the Ministry of Statistics and
Programme Implementation (MoSPI).
• The IIP growth rate was recorded at 4.6 per cent in April 2023, the government stated in a press
release.
• The previous high of IIP was recorded at 11.9 per cent in October 2023, which slowed to 2.5 per
cent in November, 4.2 per cent in December and 4.1 per cent in January 2024.

PLI Scheme To Attract Investment Of Rs 3-4 Lakh Crore In 4 Years; Private Sector Capital Expenditure
May Increase: ICRA
● The Production Linked Incentive (PLI) scheme is anticipated to attract investments worth Rs 3-4 lakh
crore over the next four years and create 2 lakh jobs, according to a top executive at ICRA.
● The scheme is poised to launch large-scale projects in sectors such as semiconductor, solar
modules, and pharmaceutical intermediaries.

● Investment Projections: The PLI scheme is expected to draw investments ranging from Rs 3-4 lakh
crore.
● Job Creation: Approximately 2 lakh jobs are forecasted to be generated through upcoming projects.
● Tax Breaks for Increased Capex: To stimulate private sector capex to record levels, the government
may consider providing tax breaks to enhance disposable income among individuals.
● This strategy aims to bolster economic growth and industrial expansion across key sectors in India.

Finance Minister Smt. Nirmala Sitharaman-led GST Council to meet on June 22

● The 53rd meeting of the GST Council is set to convene on June 22, 2024, in New Delhi, marking the
first session under the newly re-elected government.
● Led by Finance Minister Nirmala Sitharaman, this meeting comes ahead of the final Budget
presentation for FY25, pivotal for setting the agenda of Modi 3.0 government's priorities for Viksit
Bharat.

● Union Budget 2024 Feedback: Discussion and feedback from state finance ministers on the Union
Budget of 2024.
● New Policy Initiatives: Deliberation on key policy initiatives anticipated under the new government's
tenure.
● This session is crucial for shaping fiscal policies and addressing industry challenges as India
navigates its economic landscape under renewed leadership.

Dassault Systèmes Aims for $1 Billion Revenue from India by 2027

● Dassault Systèmes, the technology arm of the Paris-based Dassault Group, has set an ambitious
target of achieving $1 billion in revenue from India by 2027.
● The company, renowned for its virtual twin technology across various industries, sees India as a
rapidly growing market.

Key Points:
● Revenue Projection: Dassault Systèmes anticipates reaching $1 billion in revenue from India by
2027, leveraging the fast-growing demand for virtual twin solutions.
● Global Perspective: Globally, the company reported revenue close to 7 billion euros in 2023,
highlighting its substantial presence and capabilities.
● Virtual Twin Technology: Dassault Systèmes offers virtual twin technology across industries such as
aerospace, healthcare, automotive/EV manufacturing, and consumer goods.
● This technology enables iterative product development and evaluation in a simulated environment,
minimizing costs and time.
● Post-Pandemic Insights: A joint study by Dassault Systèmes and Nasscom revealed a significant
 increase in virtual twin implementations among mid-sized enterprises post-pandemic, underscoring
its growing relevance and adoption.

IFC Partners with Brookfield for 550 MW Solar Power Project in Rajasthan
● The International Finance Corporation (IFC) has committed to partially finance a 550 MW solar
power project in Bikaner, Rajasthan, developed by Brookfield Asset Management.
● With an investment of $105 million through long-term non-convertible debentures allocated to the
project’s special purpose vehicles, IFC aims to support India's renewable energy goals and facilitate
competitive tariffs for commercial and industrial (C&I) consumers across the country.

● Project Scope: The solar power project will generate 550 MW and supply electricity to C&I
consumers under long-term power purchase agreements (PPAs) and through the merchant market
via exchanges.
● Green Energy Corridor: The project will be integrated into India's inter-state transmission system,
contributing to the nation's green energy corridor initiative.
● IFC's First Hybrid Offtake Structure in Asia-Pacific: This investment marks IFC's first in the region
using a hybrid offtake structure, combining corporate PPAs with C&I consumers and merchant
market sales.
● India's Renewable Energy Ambitions: India aims to scale up its non-fossil fuel capacity to 500 GW by
2030, fostering a conducive environment for significant investments in renewable energy.

Impact and Outlook:

● With over $10 billion in annual investments attracted between 2017 and 2022, India's renewable
energy sector is poised for continued growth, expecting annual investments to reach $25 billion by
2030.

UK Surpasses China to Become India's 4th Largest Export Market

● In a significant development, the United Kingdom has overtaken China to become India's fourth-
largest export market as of May 2024.
● This shift reflects a notable increase in exports to the UK compared to the previous year.

Key Points:
● Export Growth: India's exports to the UK surged, reaching $1.37 billion in May 2024, marking a one-
third increase.
● Comparison with China: While exports to the UK grew significantly, exports to China also increased
but at a slower rate of 3%, totaling $1.33 billion.
● Previous Ranking: The UK was previously ranked sixth in India's export markets, indicating a
substantial rise in its position.
● The United States (US) continued to remain India's largest export destination, with 13 per cent
growth, followed by the United Arab Emirates (UAE), which saw 19 per cent jump.
● Export to the Netherlands, which is also India’s third-largest export market, soared to $2.19 billion
with nearly 44 per cent growth in May 2024.

IFC To Invest $105m In Brookfield’s Bikaner Solar Power Project

● The International Finance Corporation (IFC) has committed $105 million to partially finance a
significant solar power project in Bikaner, Rajasthan.
● This investment by IFC underscores its commitment to fostering sustainable development through
renewable energy projects in India, leveraging innovative financing mechanisms to drive impactful
outcomes in the energy sector.

1. Project Details:

o The solar power project is being developed by Brookfield Asset Management.

o It aims to generate 550 MW of solar power.

o The project's special purpose vehicles, responsible for implementation, will receive funding
through long-term non-convertible debentures from IFC.

2. About International Finance Corporation (IFC):

o Established in 1956, IFC is a member of the World Bank Group.

o It supports private sector development in developing countries by investing in equity and

debt instruments of private enterprises.

o IFC's initiatives contribute to economic growth, job creation, and environmental

sustainability in its member countries.
Indian Fintech and Digital Lending Firms See Significant Growth in FY23-24

● The Fintech Association for Consumer Empowerment (FACE) reported substantial growth in the
Indian fintech and digital lending sector for the fiscal year 2023-24.
● These firms processed and sanctioned over 10 crore loans, with disbursements amounting to
₹1,46,517 crore.
● This impressive growth underscores the expanding role of fintech and digital lending firms in
providing accessible financial solutions across India.
● The increase in both the volume and value of loans indicates a robust demand for digital lending
services, reflecting the sector's rising importance in the financial ecosystem

● Overall Growth:

o Loans Processed: Over 10 crore loans were processed and sanctioned.

o Total Disbursements: The total disbursements reached ₹1,46,517 crore.

● Year-on-Year Increase:

o Disbursement Volume: Increased by 35% year-on-year.

o Disbursement Value: Grew by 49% year-on-year.

● Average Loan Size:

o The average ticket size for loans in FY23-24 was ₹12,648, up from ₹11,094 in the previous
fiscal year.

● Quarterly Performance:

o Q4 FY23-24: Member companies disbursed 2.69 crore loans worth ₹40,322 crore.

o Average Ticket Size in Q4: ₹13,418.

o Quarterly Growth Rate: A 3% increase over Q3 FY23-24.

CIL ties up with private sector to revive unviable mines

● Coal India Limited (CIL) has undertaken a significant initiative to monetize 23 discontinued
underground coal mines by awarding them to private sector operators under a revenue-sharing
 model.
● This decision stems from the recognition that these mines, though possessing good quality coal
reserves, were deemed financially unviable for continued operation by the state-owned company
● This strategic move by CIL not only aims to optimize the utilization of coal reserves but also fosters
private sector participation in the mining sector, leveraging their expertise and investment
capabilities to enhance productivity and operational efficiency in the coal mining industry.

e-WAY Bill Generation Reaches 10.32 Crore in May 2024, Second Highest on Record
● In May 2024, e-WAY bill generation soared to 10.32 crore, marking the second-highest figure
recorded since its introduction.
● This spike, unusual for May, likely stems from increased demand for electronic and cooling
products.
● This surge underscores the evolving landscape of indirect taxation under GST, where digital
integration and enforcement measures enhance transparency and regulatory oversight.

● Previous Peaks: March 2024 saw the highest e-WAY bill generation at 10.35 crore, with the
second-highest recorded in October 2023 at 10.03 crore.

What is an e-Way Bill?

● An e-Way Bill is an electronic document required for the movement of goods worth more than
INR 50,000 across state borders and within states in India. It is generated on the e-Way Bill
portal and serves as a permit for transporting goods.

● The e-Way Bill system is a significant component of India's Goods and Services Tax (GST)
framework, aimed at streamlining the movement of goods and reducing tax evasion.

● It is a critical initiative to modernise and digitise the transportation of goods under the GST
regime, promoting ease of doing business and improving tax compliance in India.

Visakhapatnam Port Leads in Marine Products Shipments

● Visakhapatnam Port has emerged as India's top port for marine products shipments in FY24,
handling 3,14,199 tonnes valued at ₹17,983.99 crore ($2,194 million).

Top Ports and Shipments

● Chennai and Kolkata: Chennai handled 1,01,903 tonnes valued at ₹6,120 crore, while Kolkata
 managed 94,559 tonnes valued at ₹4,452 crore.

● Overall Contribution: Together, these ports contributed significantly to India's marine products
export sector, as reported by Marine Products Export Development Authority (Mpeda).

● Record Volume: India achieved an all-time high in seafood exports, shipping 17,81,602 tonnes
valued at ₹60,523.89 crore during FY24.

● Major Export Destinations: The US and China were primary importers, with frozen shrimp being
the top export item despite challenges in overseas demand.

Launch of Mirae Asset Nifty EV and New Age Automotive ETF

● Mirae Asset Mutual Fund has introduced India’s first Exchange Traded Fund (ETF) focusing on
the Electric Vehicles (EV) and New Age Automotive segment.
● Mirae Asset’s Nifty EV and New Age Automotive ETF presents investors with an opportunity to
capitalize on the burgeoning electric vehicles and new-age automotive sectors in India.
● By tracking the Nifty EV and New Age Automotive Total Return Index, the ETF aims to provide
exposure to innovative companies driving advancements in the automotive industry.
● This initiative underscores Mirae Asset’s commitment to facilitating long-term capital appreciation
while aligning with future trends in sustainable mobility and technology.
About ETF
● Exchange-traded funds (ETFs) are investment companies that allow investors to pool their
money into a fund that invests in assets like stocks, bonds, or other assets. ETFs are registered
with the SEC and can be traded throughout the day on a national securities exchange. They
combine features of mutual funds with the ability to trade.

NSE’s new theme indices offer fresh investment opportunities

● The National Stock Exchange’s subsidiary, NSE Indices Limited, has launched a new thematic
index called the Nifty India Tourism Index.
● This index is designed to capture the performance of travel and tourism-related stocks within the
Nifty 500 Index.
● According to NSE, the introduction of this index aligns with the Indian government’s ongoing
efforts to bolster tourism, a sector that significantly contributes to the nation's economy,
accounting for approximately $199.6 billion to the GDP.
● The Nifty India Tourism Index will enable the creation of investment products that allow asset
 managers to invest in the tourism industry.
● In the last six months, NSE has launched nine thematic indices, including:
● Nifty200 Value 30 Index

● Nifty500 LargeMidSmall Equal-Cap Weighted Index

● Nifty500 Multicap India Manufacturing 50:30:20 Index

● Nifty500 Multicap Infrastructure 50:30:20 Index

BIS launches two new safety standards for EVs in India

● The Bureau of Indian Standards (BIS) has introduced new safety guidelines to enhance the
safety and performance of electric vehicles (EVs) in India.
● These guidelines apply to a range of vehicles, including two-wheelers, four-wheelers, goods
trucks, e-rickshaws, and e-karts.
Key Highlights of the New BIS Guidelines:

1. Categories Covered:

o L Category: Two-wheelers.

o M Category: Four-wheelers.

o N Category: Goods trucks.

Recommendations of the 53rd GST Council Meeting

● The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate
Affairs Smt. Nirmala Sitharaman in New Delhi.
Recommendations relating to GST rates on Goods

Changes in GST rates of goods

● A uniform rate of 5% IGST will apply to imports of ‘Parts, components, testing equipment, tools
and tool-kits of aircrafts, irrespective of their HS classification to provide a fillip to MRO activities
subject to specified conditions.
● All milk cans (of steel, iron and aluminium) irrespective of their use will attract 12% GST.
● GST rate on ‘carton, boxes and cases of both corrugated and non-corrugated paper or paper-
board’ (HS 4819 10; 4819 20) to be reduced from 18% to 12%.
 ● All solar cookers whether single or dual energy source, will attract 12% GST.
● To amend existing entry covering Poultry keeping Machinery attracting 12% GST to specifically
incorporate “parts of Poultry keeping Machinery” and to regularise past practice on ‘as is where
is’ basis in view of genuine interpretational issues.
● To clarify that all types of sprinklers including fire water sprinklers will attract 12% GST and to
regularise the past practice on ‘as is where is’ basis in view of genuine interpretational issues.
● To extend IGST exemption on imports of specified items for defence forces for a further period of
five years till 30th June, 2029.
● To extend IGST exemption on imports of research equipment/buoys imported under the
Research Moored Array for African-Asian-Australian Monsoon Analysis and Prediction (RAMA)
programme subject to specified conditions.
● To exempt Compensation Cess on the imports in SEZ by SEZ Unit/developers for authorised
operations w.e.f. 01.07.2017.
● GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many
indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service
Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.

Indian deep tech startups count surges in 2023, funding drops 77%: Nasscom
● In 2023, India experienced a remarkable surge in deep tech startups, solidifying its position as
the third-largest hub globally for such ventures.
● Here are the key highlights and challenges outlined in the report by Nasscom and Zinnov:
● Funding Winter: Despite the growth in numbers, there's a concerning trend of reduced funding. In
2023, Indian deep tech startups raised approximately $850 million, a steep decline of 77% from
$3.7 billion raised in 2022.
India Inc cut back on dividends in FY24 despite record profit

● Despite a significant surge in corporate profitability, listed firms in FY24 experienced a decline in
dividend payouts.
● The total dividend payout decreased by 4.7% year-on-year (Y-o-Y), amounting to Rs 4.03 trillion,
down from the previous year's record high of Rs 4.23 trillion in FY23.
CBIC to issue detailed clarification on GST applicability for corporate guarantees, including distribution
of liability and valuation rules
● The Central Board of Indirect Taxes & Customs (CBIC) is set to issue a comprehensive
 clarification on the application of GST concerning corporate guarantees provided by related
parties for loans from banks or financial institutions.
● Scope of Circular: The upcoming circular aims to address several key issues, including the
distribution of GST liability when multiple guarantors are involved and the tax responsibility in
cases with foreign guarantors.
● Recommendations by GST Council: Recently recommended amendments to Rule 28(2) of the
CGST Rules will be covered, particularly focusing on retrospective applicability from October 26,
2023.

PLI projects: Steel Min fast-tracks visa approvals for Chinese experts
● India's Steel Ministry is streamlining visa procedures for Chinese technicians and experts
involved in The Production Linked Incentive (PLI) projects for speciality steel.
● The Ministry plans to monitor and report progress on speciality steel-making schemes under the
PLI initiative.
Investment Trends in FY24

● Revised expected investment for FY24 was ₹16,000 crore.

● Actual investments were ₹14,500 crore, 10% lower than anticipated.
● Previous commitments were ₹21,000 crore.
● The Production Linked Incentive (PLI) Scheme is a government program that offers incentives to
companies that manufacture goods in India. The scheme aims to increase domestic
manufacturing, investments, and exports in various sectors

GST Exemption Granted To Platform Tickets And Essential Railway Services

● GST Council proposes exemption for specific services offered by Indian Railways to the general
public and intra-railway transactions.

● GST exemption proposed for:

➢ Platform tickets
➢ Retiring rooms
➢ Waiting rooms
➢ Cloakroom facilities
➢ Battery-operated car services
● Key DecisionsMeasures aimed at easing compliance and providing relief to taxpayers.
 ● Next Meeting : Tentative schedule for mid to late August.

India’s coal consumption surpasses North America & Europe combined in 2023

● India's coal consumption exceeds that of Europe and North America combined, marking a
significant shift in global energy dynamics.
● Statistical Review of World Energy: Released by Energy Institute (EI), in collaboration with
KPMG and Kearney, covering comprehensive global energy data for 2023.
● Global Energy Consumption: Reached a record high of 620 Exajoules (EJ), driven by increased
use of coal and oil, pushing global fossil fuel consumption to 505 EJ.
● Europe: Experienced a 7% decline in gas demand, with LNG imports surpassing piped gas for
the second consecutive year.

● Russia: Reduced its share of EU gas imports from 45% in 2021 to 15% in 2023.

Vedanta mulls first dollar bond sale of $500 million

● Vedanta Ltd., led by billionaire Anil Agarwal, is contemplating its debut overseas bond issuance,
aiming to raise at least $500 million.
● The company is currently discussing the plan with lenders and seeking legal advice on the
potential sale.
● The bond sale could reach up to $1 billion depending on investor interest, as per sources familiar
with the matter.
Upcoming Budget Likely to Revise India's Nominal GDP Growth Forecast

● The finance ministry is poised to revise upwards its nominal gross domestic product (GDP)
growth forecast for 2024-25 in the upcoming Budget, indicating robust economic expansion.
● Originally set at 10.5 per cent in the interim budget, the revised projection may range from 10.5
per cent to 11 per cent, driven by accelerated growth trends.

Adani Green Energy's Ambitious Investment Plans for Renewable Expansion

● Adani Green Energy, a prominent player in renewable power, has announced plans to invest Rs
2 trillion by 2030 to expand its capacity significantly.
● Current Capacity: 10.9 GW
● Targeted Expansion: To increase capacity to 50 GW by 2030
● Funding Details:Equity Contribution: Already secured 25% equity contribution
25% share by Indian liners could save $50 billion annually, says FIEO
● Exporters recently met with Finance Minister Nirmala Sitharaman to present their key requests
and priorities ahead of Budget 2024, Aim for a 25% share by an Indian shipping line to potentially
save $50 billion annually by 2030 reported by the Federation of Indian Export
Organisations(FIEO)
● Creation of an Indian Shipping Line: Objective: Address the rising outward remittance on
transport services due to increasing exports.

About FIEO:

● Founded: 1965
● President: Ashvini Kumar
● Vice President: Khalid M Khan
● Director General & CEO: Dr. Ajay Sahai
● Headquarters: New Delhi

Businesses in Tamil Nadu, Uttar Pradesh, Maharashtra lead in GST return filing
● According to the data from GSTN, Uttar Pradesh (UP), Tamil Nadu, and Maharashtra are the top
states in filing GST returns every month, showcasing robust economic activity and compliance
levels:
1. Uttar Pradesh (UP):

a. Reported over 908,900 GST returns in April (GSTR-3B).

b. Demonstrates significant transaction volume and economic activity.

2. Tamil Nadu:

a. Recorded over 880,200 GST returns in the same period.

b. Strong industrial base contributing to regular GST filings.

3. Maharashtra:

a. Positioned third with over 798,600 GST returns filed in April.

b. Leads in filings during the last month of every quarter, including smaller businesses under
special schemes.
Visa, Mastercard $30 billion swipe-fee deal blocked by US judge
● A US District Judge, Margo Brodie, has rejected a proposed $30 billion antitrust settlement
involving Visa and Mastercard, aimed at addressing fees charged to merchants who accept their
credit and debit cards.
● The announced decision significantly affects ongoing litigation and negotiations between the card
networks and merchants.
● Antitrust Litigation Background: The settlement was intended to resolve litigation dating back to
2005 concerning interchange fees, also known as swipe fees, paid by merchants to accept Visa
and Mastercard.

Union Minister Dr. Jitendra Singh announced grant of 'Mini RATNA' status (Category-1) for Central
Electronics Limited (CEL)

● Union Minister Dr. Jitendra Singh announced that Central Electronics Limited (CEL) has been
granted "Mini RATNA" status (Category-1).
● The announcement was made during CEL's Golden Jubilee celebration at its Ghaziabad
campus.
● CEL celebrated its 50th year with a net profit of approximately Rs 58 crore, a significant
achievement.

India's remittance growth may slow down 50% in 2024 on lower inflow from Gulf: World Bank
● The World Bank forecasts a significant slowdown in India-bound remittance growth, from 7.5%
last year to 3.7% in 2024.
● This decline is attributed to reduced inflows from Gulf Cooperation Council (GCC) countries,
impacted by declining oil prices and production.
● For 2024, the World Bank estimates $124 billion, with a slight increase to $129 billion in 2025.
● India remains the top global recipient of remittances, surpassing countries like Mexico, China, the
Philippines, and Pakistan.
● The country hosts 18.7 million emigrants, reflecting its significant diaspora worldwide.

Flipkart group launches super. money to re-enter India's fintech space

● Flipkart has introduced a beta version of its fintech app, super. money, available on the Play
Store.
 ● The platform aims to capitalize on India's growing digital financial services sector.
● Apart from Unified Payments Interface (UPI) payments, super. money offers services such as
credit, deposits, and credit cards.

UltraTech picks up 23% in India Cements as sector battle hots up

● UltraTech Cement, led by Kumar Mangalam Birla, has announced the acquisition of a 23% stake
in Chennai-based India Cements Ltd (ICL) for Rs 1,889 crore.
● This move comes amidst a competitive drive to strengthen its position in the cement sector.

● Stake Acquisition: UltraTech Cement acquired 70.56 million shares of India Cements Ltd at an
average price of Rs 268 per share in two block deals.

7 years of GST: Avg monthly mop up surged by 87% despite certain challenges
● The Goods and Services Tax (GST) system in India has shown signs of stability, as evidenced
by consistent growth in tax collections over its seven-year history.
● Average monthly GST collection rose from ₹90,000 crore during the first year of its
implementation-2017-18 to 1.68 trillion during 2023-24, representing an 87 per cent rise.

BHEL bags Rs 13,300 crore order to set up 1600 MW-thermal power project

● Bharat Heavy Electricals Ltd (BHEL), a state-owned engineering firm, has secured a significant
contract worth Rs 13,300 crore from Damodar Valley Corporation (DVC) to establish a 1600 MW
thermal power plant in Koderma, Jharkhand.
● This project aligns with the central government's objective of bolstering the nation's energy
security.
● Project Scope: BHEL will undertake the engineering, procurement, and construction (EPC) for
the Koderma Thermal Power Station (2X800MW) in Jharkhand.

GAIL fast-tracks net zero carbon goal to 2035 from 2040

● GAIL (India) Ltd has revised its target to achieve net zero carbon emissions to 2035, advancing it
by five years from the initially set goal of 2040. The board of directors of GAIL approved this
advancement.
● This decision follows an extensive study undertaken by GAIL to enhance its sustainability goals
 and align with India’s broader Net Zero commitments, the Maharatna company stated.
● India’s largest gas utility plans to achieve this ambitious goal through a strategic approach
involving electrification of NG-based equipment, renewable energy, battery energy storage
systems (BESS), compressed biogas (CBG), green hydrogen, CO2 valorisation initiatives and
afforestation.
About GAIL:

● The Gas Authority of India Ltd. was incorporated in August 1984 as a Public Sector Undertaking
(PSU) of the Government of India under the Ministry of Petroleum & Natural Gas (MoP&NG) to
build, operate and maintain HVJ gas pipeline.

● Headquartered in New Delhi.

Core sector growth slows to 6.3% in May 2024

● The eight key infrastructure sectors’ growth rose 6.3 per cent in May 2024 on healthy expansion
in the production of coal, natural gas, and electricity, though the growth rate is lower than in April
2024.
● The production of the eight sectors grew 6.7 per cent in April.
● The growth of these core sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel,
cement and electricity — was 5.2 per cent in May 2023.
● The central government’s fiscal deficit was only at 3 per cent of the annual estimates at the end
of May.

Indian government bonds to enter JP Morgan Bond index

● In a significant development for domestic fixed-income markets, Indian government bonds are
now included in JPMorgan Chase & Co’s emerging markets bond index as of June 28, 2024.
● This follows an announcement made in September 2023, paving the way for substantial inflows
of foreign capital into the Indian economy.
● IGBs issued by the Reserve Bank of India (RBI) under the Fully Accessible Route (FAR) will be
included in the global indices.
● According to JPMorgan, the average maturity of the Indian bonds included is seven years, with a
yield-to-maturity (YTM) of 7.09%.
 ● The bonds with the highest weightage in the index (over 0.5%) include 7.18 GS 2033, 7.30 GS
2053, and 7.18 GS 2037.
● India has become the 25th market to be included in the index since its launch in June 2005.

Interest equalisation scheme for exporters extended for 2 months

● The interest equalisation scheme for exporters, which allows access to bank credit at a
subsidised rate, will be extended only for the MSME sector beyond June 30, 2024 for two months
till August, as per a government notification.
● “Claims of non-MSME exporters are not to be entertained beyond June 30, 2024,” a trade notice
issued by the Directorate General of Foreign Trade stated.
● The two-month continuation of the scheme for the MSME sector comes with an outlay cap of
₹750 crore, the notice added. All other terms and conditions remain the same.
Interest equalisation scheme:

● Interest Equalisation scheme was first implemented on 1st April 2015, to provide pre- and post-
shipment export credit to exporters in rupees.
● It was initially valid for 5 years, up to 31.3.2020. The scheme has been continued thereafter,
including a one-year extension during COVID and further extensions and fund allocations.

BANKING AND ECONOMY

PhonePe introduces a secured lending platform in collaboration with multiple NBFCs
● Bengaluru-based fintech firm PhonePe has launched secured loans in partnership with various
non-banking finance companies (NBFCs).
● The Walmart-owned company is offering 6 credit products to its customers to begin with – loan
against mutual funds, gold loan, two-wheeler and four-wheeler loans, home loan, loan against
property and education loan.
● The launch comes at a time when the Reserve Bank of India has asked consumer lending
platforms to go slow on unsecured lending.
About Phonepe :
● Founded : 2015
● Headquarters : Bangalore, Karnataka
 ● CEO : Sameer Nigam

Ministry of Finance Directs State Bank of India to Establish Committee to Address Co-Lending
Challenges
● The Finance Ministry has instructed the State Bank of India (SBI) to establish a six-member
committee to address challenges associated with the co-lending business model.
● Objectives of the Committee : To tackle issues related to co-lending, enhance credit flow to
Micro, Small, and Medium Enterprises (MSMEs), and regulate the rapid growth in consumer
loans.
About Ministry of Finance :
● Cabinet Minister : Nirmala Sitharaman
● Minister of State : Bhagwat Karad, Pankaj Choudhar
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti

Securities and Exchange Board of India Reduces Approval Time for Brokers for Internet-Based Trading
to 7 Days
● Markets regulator Securities and Exchange Board of India (SEBI) significantly reduced the time
taken by stock exchanges to grant approval to stock brokers for internet-based trading to 7 days
from the current 30 days.
● Aim : To enhance the ease of doing business in the securities market.
● The new guidelines will be applicable with immediate effect.
● Application Process:Brokers are required to apply to the respective stock exchange for formal
permission to offer internet-based trading services.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
 ● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.

Capital Small Finance Bank and ICICI Lombard Form Bancassurance Partnership to Offer General
Insurance Products
● Capital Small Finance Bank (CSFB), a small finance bank, has forged a bancassurance tie-up
with ICICI Lombard General Insurance Company Ltd.(ICICI Lombard), a private general insurer.
● Through this collaboration, CSFB will leverage its network and customer base to distribute ICICI
Lombard’s suite of general insurance products, including health, motor, home, travel and rural
insurance.
● This partnership will empower the bank’s customers to be adequately risk covered and access
our wide suite of innovative and tech-driven insurance solutions.
● Currently, CSFB has 177 branches spread over 5 States and 1 Union Territory.
About Capital Small Finance Bank :
● Founded : 2000; licensed in 2016
● Headquarters : Jalandhar, Punjab, India
● Chairman : Madan Gopal Sharma
● MD & CEO : Sarvjit Singh Samra
● Capital Small Finance Bank (formerly Capital Local Area Bank) is an Indian first small finance
bank.
About ICICI Lombard General Insurance Company Limited :
● Founded : 2001
● Headquarters : Mumbai, Maharashtra, India
● Chairman & Managing Director : Sanjeev Mantri
● It is a joint venture between ICICI Bank (64% stake)- India’s second-largest bank, and Fairfax
Financial Holdings Limited (36%)- a financial services company based in Toronto.

4 European Union Banks-Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas,
Request RBI Approval for Third-Party Transaction Model
 ● Four prominent European banks, which also serve critical custodian roles in local sovereign debt
trade, have approached the Reserve Bank of India (RBI) seeking approval for a third-party
transaction model.
● The European banks involved in this initiative are Credit Agricole, Societe Generale, Deutsche
Bank, and BNP Paribas.
● The banks seek RBI's approval due to the absence of established regulations governing such
arrangements.
About Credit Agricole :
● Founded : 5 November 1894
● Headquarters : Montrouge, France
● CEO : Philippe Brassac
About Societe Generale :
● Founded : 4 May 1864
● Headquarters : Paris, France
● CEO : Slawomir Krupa
About Deutsche Bank :
● Founded : 10 March 1870
● Headquarters : Germany
● CEO : Christian Sewing
About BNP Paribas :
● Headquarters : Paris, France
● CEO : Jean-Laurent Bonnafé

JM Financial Asset Reconstruction Companies Capital Adequacy Drops Below Reserve Bank of India
Standards
● JM Financial Asset Reconstruction Companies (JMFARC’s) capital adequacy fell below
regulatory requirements following a provision of Rs 846.86 crore for expected credit loss on
distressed loans in FY24.
● The existing shareholders, including promoter JM Financial, will infuse up to Rs 1,000 crore in
equity to shore up capital.
● This is to meet regulatory norms and support business growth.
 ● The ARC’s capital adequacy ratio (CAR) fell to 2.91% in March 2024 from 24.67% in March
2023.

Reserve Bank of India Cancels 1st-Ever 10-Year Green Bond Auction

• In a first, the Reserve Bank of India (RBI) cancelled the auction of 10-year green bonds as traders
refused to pay greenium.
• This decision highlights the challenges in pricing and trading green bonds in the market.
• Greenium signifies the premium investors are willing to pay for green bonds because of their
sustainability impact.
• It signifies the lower yield investors accept for these securities, which are aimed at financing
environmentally sustainable projects.

Unified Payment Interface Network Sets New Record with 14.04 Billion Transactions Processed in May
2024 Up from 13.3 Billion in April
• The Unified Payments Interface (UPI) network operated by the National Payments Corporation of
India (NPCI) has set a new record by processing 14.04 billion transactions in May,2024 compared
to 13.3 billion in April, 2024.
• By value, UPI transactions totalled ₹20.45 lakh crore in May, compared to ₹19.64 lakh crore in
April.
• These figures represent a 49% increase in volume and a 39% increase in value compared to May
2023.
About UPI :
• Unified Payments Interface (UPI) is an Indian instant payment that powers multiple bank accounts
into a single mobile application.
• It was introduced in April 2016.

Reserve Bank of India Reports 15.3% Growth in Bank Credit for April 2024
• The banking sector observed a notable increase in credit growth during the first month of fiscal
2024, primarily driven by advancements in the agriculture sector, as per the Reserve Bank of India
(RBI).
 • Non-Food Bank Credit: On a year-on-year (y-o-y) basis, non-food bank credit expanded by 15.3%
in April 2024, slightly lower than the growth rate of 16.2% recorded a year earlier.

Canara Bank to Divest 14.50% Stake in Canara HSBC Life Insurance Through Initial Public Offering
• Canara Bank has approved the initiation of the process to dilute its 14.50% stake in its subsidiary,
Canara HSBC Life Insurance Company Limited., through an initial public offering (IPO).
• IPO Details:The bank intends to list Canara HSBC Life Insurance on stock exchanges
(BSE/NSE) via an IPO.
• The exact size of the issue, timing, and other modalities will be determined later.
• Capital Raising Approval:Canara Bank's Board has also approved raising Rs 8,500 crore through
debt instruments (Additional Tier I / Tier II Bonds) for the financial year 2024-25.
About Canara Bank :
• Established : 1906
• Headquarters : Bengaluru, Karnataka, India
• MD & CEO : K. Satyanarayana Raju
• Tagline : Together We Can
About Canara HSBC Life Insurance :
• Founded : 2008
• Headquarters : Gurgaon, Haryana, India
• MD & CEO : Anuj Mathur
• It was a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings
Limited (26%) and Punjab National Bank (23%).

Reserve Bank of India Transfers 100 Tonnes of Gold from the United Kingdom to Indian Vaults, for 1st
Time Since 1991
• The Reserve Bank of India (RBI) has transferred around 100 tonnes or 1 lakh kilograms of gold
from the United Kingdom to its vaults in India.
• This is the largest gold transfer since early 1991, and the central bank plans to move more gold in
the coming months.
• Domestic Vault Locations:Domestically, gold is stored in vaults located in the RBI’s old office
building on Mumbai’s Mint Road and in Nagpur.
Reserve Bank of India Establishes Framework for Self-Regulatory Organizations in Fintech Sector
• The Reserve Bank of India (RBI) released the final framework for recognising self-regulatory
organisations (SROs) in the financial technology sector (SRO-FT), encouraging entities to have a
representative membership from the fintech sector.
• Membership:SRO-FTs can include membership from fintech entities currently regulated by the
RBI, such as non-banking financial companies-account aggregators (NBFC-AA) and NBFC-peer-
to-peer (P2P) lending platforms, excluding banks.

Reserve Bank of India Annual Report Reveals 166% Surge in Bank Frauds to Over 36,000 Cases in
FY24
• In the financial year 2023-24 (FY24), there were 36,075 reported bank frauds, marking a significant
increase of nearly 166% from the 13,564 cases reported in FY23.
• Despite the increase in the number of fraud cases, the amount involved decreased by 46.7% year-
on-year (Y-o-Y) in FY24 to Rs 13,930 crore, compared to Rs 26,127 crore in FY23.
• Fraud Trends:Private sector banks reported more fraud cases overall, but public sector banks
consistently accounted for the highest total fraud amount.

Insurance Regulatory and Development Authority of India Supports 100% Cashless Claim Settlement in
Health Insurance
• The Insurance Regulatory and Development Authority of India (IRDAI) has issued a new health
insurance circular that seeks to improve services for policyholders by reducing settlement times
and ensuring cashless claim processes.
• The regulator wants insurers to achieve 100% cashless claim settlement in a time-bound manner,
minimising the need for reimbursement claims to exceptional
circumstances.
• Master Circular on Health Insurance:IRDAI issued a comprehensive Master Circular on Health
Insurance Products, consolidating 55 previous circulars.
About IRDAI :
• Established : 1999
• Headquarters : Hyderabad, Telangana
 • Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries
in India.

Lenders Leverage Lower Infrastructure Defaults to Convince Reserve Bank of India

• Lenders are planning to approach the Reserve Bank of India (RBI) with a proposal to lower
provisioning for infrastructure loans.
• They argue that the probability of default (PD) in the infrastructure sector has consistently fallen
to 2% or even less over the past 5 years.
• The main reason for the PD decreasing to 2% over the past 5 years is the reduction in disputes
related to large infrastructure projects.
• Prior to 2015, many infrastructure project loans turned into NPAs due to court rulings in 2G
spectrum cases and disputes in coal, iron ore mining, and thermal power projects.

Bank of India Introduces 666-Day Fixed Deposit Scheme Offering 7.80% Annual Returns for Senior
Citizens
• Bank of India (BoI) has launched a special fixed deposit plan called '666 Days - Fixed Deposit',
offering attractive returns on deposits for a tenure of 666 days.
• The FD scheme offers very attractive returns on deposits as high as 7.95% per annum for super
senior citizens for 666 days for a deposit amount of less than Rs 2 crore.
• Super senior citizens are those who are 80 years of age or above.
About Bank of India :
• Established : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajneesh Karnatak
• Tagline : Relationship beyond Banking

Jio Financial Services Launches Beta Version of 'JioFinance' App Featuring UPI and Digital Banking
Services
 • Jio Financial Services, a Non-Banking Financial Company (NBFC), launched its application –
“JioFinance” app (in beta mode), which will offer a range of financial services and will also offer
loans against mutual funds among other services in the future.
• Key features of the application include instant digital account opening and streamlined bank
management with the "Jio Payments Bank Account" feature.
• This app seamlessly integrates digital banking, UPI transactions, bill settlements, insurance
advisory, and offers a consolidated view of accounts and savings, all in one user-friendly
interface.
About Jio Financial Services Limited :
• Founded : 22 July 1999
• Headquarters : Mumbai, Maharashtra
• Independent Director and Non-executive chairman : Mr. Kundapur Vaman Kamath
• Jio Financial Services is an Indian financial services company that was originally a subsidiary of
Reliance Industries.
• It is carved out from Reliance Industries Ltd, is engaged in the business of investing and
financing, insurance broking, payment bank and payment aggregator and payment gateway
services.
• The company is in the process of seeking shareholders' nod for raising the foreign direct
investment limit in the company up to 49%.
• The company is a systemically important non-deposit-taking Non-Banking Financial Company
(NBFC) registered with the Reserve Bank of India (RBI).

L&T Finance Limited Partners with PhonePe to Offer Secured Lending Products
• L&T Finance Limited. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) of
the country, has forged a strategic partnership with PhonePe, India’s leading fintech company
offering a wide range of financial services and products.
• The collaboration amongst both the Companies is aimed at broadening the range of financial
products and offering secured lending to customers across Housing and Two-wheeler Financing.
About L&T Finance :
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Sudipta Roy
About Phonepe :
• Established : 2015
• Headquarters : Bangalore, Karnataka
• CEO : Sameer Nigam

Securities and Exchange Board of India Introduces 'Saarthi 2.0' Mobile App for Investor Education on
Personal Finance
• Capital markets regulator Securities and Exchange Board of India (SEBI) has launched a mobile
app, ‘Saarthi 2.0’, focused on personal finance for investors.
• The app provides comprehensive tools to simplify complex financial concepts and enhance
investor education.
• User-Friendly Interface: The updated 'Saarthi' app introduces a user-friendly interface for investors.
• Financial Calculators: The app includes financial calculators to assist users in various financial
calculations.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.

State Bank of India Becomes 1st Public Sector Bank and 7th Indian Company to Surpass Rs 8 Trillion
Market Capitalization
• The State Bank of India (SBI) became the 1st public sector bank and the 7th Indian company to
cross the Rs 8 trillion market capitalization (m-cap).
• HDFC Bank and ICICI Bank are the only other lenders with m-cap of over Rs 8 trillion.
• Stock Performance and Rally:Share Surge: SBI's shares surged by 9.5% amid a broad-based rally
in the equity market ahead of election results.
• Recent Growth: In the last year, SBI's stock has increased by nearly 55%, and the Nifty PSU Bank
index has almost doubled.
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

Alternative Investment Fund Welcome Securities and Exchange Board of India’s Proposed
Amendments to Valuation Norms
• The alternative investment fund (AIF) industry has welcomed recent suggestions by the Securities
and Exchange Board of India (SEBI) to change the valuation norms, aiming to resolve valuation
issues and relax guidelines.
• SEBI proposed that the valuation of unlisted securities held by AIFs be carried out according to
guidelines issued by the eligible industry association, rather than Mutual Fund (MF) Regulations.
• The proposal is open for public comment until June 13, 2024.

Over the Past 5 Years, Six PSU Banks Have Issued 1,071 Look-Out Circulars Targeting Defaulters
• In their bid to recover money stuck with absconding wilful defaulters, 6 public sector banks (PSUs)
have issued 1,071 look-out circulars (LOCs) since 2018 to prevent them from fleeing to other
countries.
• The State Bank of India (SBI), the largest commercial bank in India, has issued the highest number
of LOCs among the PSU banks, totalling 583.
• RTI applications were filed with 11 PSU banks, but 3 banks-Canara Bank, UCO Bank, and Bank of
Baroda (BoB)-refused to provide the data.

IRDAI Releases Comprehensive Circular on Corporate Governance for Insurers

• The Insurance Regulatory and Development Authority of India (IRDAI) issued a master circular on
corporate governance for insurers.
• Corporate governance refers to the system of rules, practices, and processes by which a company
is directed and controlled.
• It ensures ethical operation and serves the best interests of all stakeholders.
 • Objectives of Corporate Governance:The primary goal is to ensure accountability, fairness, and
transparency in the company’s relationship with stakeholders.
About IRDAI :
• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries
in India.
• It has been established for overall supervision and development of the Insurance sector in India.
• The powers and functions of the Authority are laid down in the IRDA Act, 1999 and Insurance Act,
1938.

Axis Bank and Bajaj Allianz General Insurance Form Bancassurance Alliance to Enhance Insurance
Reach and Financial Inclusion
• Axis Bank, a private sector bank, and Bajaj Allianz General Insurance, a private general insurer,
have entered a strategic bancassurance partnership to boost insurance penetration and financial
inclusion in the country.
• Under this Bancassurance tie-up, a comprehensive suite of Bajaj Allianz General Insurance
products will be distributed through Axis Bank’s network of 5,250 plus branches.
• This collaboration will strengthen Bajaj Allianz General Insurance’s distribution reach, enabling it to
cater to a broader customer base and offer varied insurance solutions to diverse demographics.
About Axis Bank :
• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi
About Bajaj Allianz General Insurance :
• Headquarters : Pune, Maharashtra
• MD & CEO : Tapan Singhel
Reserve Bank of India Absorbs ₹44,430 Crore of Surplus Liquidity Through 2 variable rate reverse repo
Auctions
• The Reserve Bank of India (RBI) absorbed surplus liquidity aggregating ₹44,430 crores through
two variable rate reverse repo (VRRR) auctions of three days tenor.
• The aforementioned amount was deployed by banks even as the central bank was ready to
absorb a total of ₹1-lakh crore (notified amount).
• First Auction:
• Notified amount: ₹50,000 crore.
• Funds deployed by banks: ₹41,730 crore.
• Weighted Average Rate (WAR): 6.48%.
• Second Auction:
• Notified amount: ₹50,000 crore.
• Funds deployed by banks: ₹2,700 crore.
• WAR: 6.49%.

Punjab National Bank Collaborates with IIFCL to Offer Financing for Infrastructure Projects
• Punjab National Bank (PNB), a public sector bank, and India Infrastructure Finance Company Ltd
(IIFCL), a state-owned entity, signed a Memorandum of Understanding (MoU) to provide long-
term financial support for viable infrastructure projects.
• The MoU represents a milestone in creating new lending opportunities for infrastructure projects
in India.
• The MoU was exchanged between Atul Kumar Goel, MD & CEO of PNB, and Padmanabhan
Raja Jaishankar, Managing Director of IIFCL.

SEBI Establishes Committee to Review Ownership and Economic Structure of Clearing Corporations
• The Capital markets regulator Securities and Exchange Board of India (SEBI) has set up a
committee to review the ownership and economic structure of clearing corporations and suggest
measures to ensure that clearing corporations function as resilient, independent, and neutral risk
managers.
• The ad-hoc committee would be chaired by Usha Thorat, former Deputy Governor of the Reserve
Bank of India (RBI).
 • The decision has been taken in the wake of the substantial growth of Indian securities markets in
recent years and the importance of clearing corporations as central risk management institutions.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.

Adani One and ICICI Bank Launched 2 Co-Branded Credit Card Variants
• Adani One,the digital platform of the Adani Group, and ICICI Bank have collaborated to introduce
two new co-branded credit cards in association with Visa.
• This partnership signifies the Adani Group's entry into the retail financial sector.
• The newly launched credit cards come in two variants: Adani One ICICI Bank Signature Credit
Card and Adani One ICICI Bank Platinum Credit Card.
• The Adani One ICICI Bank Signature Credit Card has an annual fee of Rs 5,000 and offers
joining benefits worth Rs 9,000.
• Cardholders can earn up to 7% Adani reward points on purchases made within the Adani Group
ecosystem.
About ICICI Bank Limited :
• Founded : 5 January 1994
• Headquarters : Mumbai, Maharashtra
• MD & CEO: Sandeep Bakhshi.

Securities and Exchange Board of India’s Rumour Verification Rules Now Apply to Top 100 Listed
Companies
• Amid the mayhem over exit poll prediction, market regulator Securities and Exchange Board of
India (SEBI) has implemented the much awaited market rumour verification regulation on top 100
companies.
 • Rule Requirement: Under the SEBI’s rule, these companies will have to ‘confirm, deny, or clarify
any reported event or information in the mainstream media that is not general in nature and that
indicates that rumours of an impending specific material event’ are circulating among the
investors in 24 hours from the reporting of the information.

Reserve Bank of India Monetary Policy Highlights : RBI Maintains Repo Rate at 6.5% and Boosts FY25
GDP Growth Forecast to 7.2%
● The Reserve Bank of India (RBI) Governor, Shaktikanta Das, announced the second bi-monthly
monetary policy for 2024-25.
● This marks the first RBI policy announcement after the Lok Sabha election results of 2024.
● The RBI Governor-headed 6-member Monetary Policy Committee (MPC) decided to keep the
benchmark repo rate unchanged at 6.5% for the 8th consecutive time by a 4:2 majority.
● The repo rate, which is the rate at which the RBI lends to commercial banks to address shortfalls
in funds, is a key tool the central bank uses to manage liquidity in the economy.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
● Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

Reserve Bank of India Penalties Increase by 88% Over Last 3 Years, Know Your Customer and Anti-
Money Laundering Violations Lead the List
● The Reserve Bank of India (RBI) has increased the number of penalties on financial institutions
by 88% over the past 3 years (from 2021 to January 2024).
● Know Your Customer (KYC) and Anti-Money Laundering (AML) violations are the most common
infractions leading to penalties.
● The RBI has collected Rs 78.6 crore in penalties over 3 years, with 261 penalties imposed in
2023 alone, according to Signzy, a fintech firm specializing in regulatory compliance.

Financial Intelligence Unit Imposes Rs 1.66 Crore Fine on Axis Bank for Failing to Detect Fraudulent
National Security Guard Account
 • The Financial Intelligence Unit (FIU) has imposed a fine of over Rs 1.66 crore on Axis Bank for
its failure to detect and report suspicious transactions related to a fraudulent account created in
the name of the National Security Guard (NSG).
• The penalty was issued under Section 13 of the Prevention of Money Laundering Act (PMLA).
• This section empowers the Director of FIU to impose monetary penalties on reporting entities,
such as Axis Bank, for non-compliance with obligations under the PMLA.
About Axis Bank :
• Established : 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi ("Progress is the Name of Life")

Securities and Exchange Board of India Imposes Fine on PTC India Financial Services Limited
Chairman & Managing Director, Arm PFS, and Former MD
• Securities and Exchange Board of India (SEBI) restrained PTC India Financial Services Limited's
(PFS) acting chairman Rajib Kumar Mishra from holding the director's post in any listed firm for 6
months and imposed a penalty of Rs 10 lakh on him for corporate governance lapses.
• Mishra is also the chairman and managing director of PTC India Ltd, a promoter firm of PFS.
• SEBI imposed a fine of ₹25 lakh on Pawan Singh.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.

Reserve Bank of India Grants Mobile Wallet License to Neobanking Startup Jupiter
• Tiger Global and Peak XV Partners-backed neobanking startup Jupiter has secured a prepaid
payments instrument licence from the Reserve Bank of India (RBI).
• With the PPI licence, Jupiter can now offer digital wallets to users. These wallets enable:
 • UPI payments
• Fund transfers
• Bill payments

Reserve Bank of India May Permit Change in Trusteeship for Asset Reconstruction Companies
● The Reserve Bank of India (RBI) may allow Security Receipts (SR) holders to change the
trusteeship of Asset Reconstruction Companies (ARCs).
● Aim : To enable ARCs to retain stressed assets without necessarily acting as trustees, which is
expected to expedite the resolution process for distressed assets.
● Security Receipt (SR) is an instrument like a pass through certificate which is issued by ARCs to
investors, which represent rights of the investors over realisations from underlying assets.
● Banks, non-banking financial companies (NBFCs) and foreign portfolio investors are the holders
of SRs issued by ARCs.

Muthoot Microfin Forms Strategic Co-Lending Partnership with State Bank of India
● Muthoot Microfin Limited has entered into a partnership with State Bank of India (SBI) for co-
lending to members of joint liability groups (JLGs) engaged in agricultural and allied activities as
well as other income-generating enterprises.
● Under the agreement, Muthoot Microfin and SBI will co-lend to members of Joint Liability Groups
(JLGs) who are engaged in agricultural and allied activities as well as other income-generating
enterprises.
● The loan amounts will range from a minimum of ₹10,000 to a maximum of ₹3 lakh, aimed at
boosting rural women entrepreneurs.
About Muthoot Microfin Limited :
● Founded : 2010
● Headquarters : Kochi, Kerala
● Managing Director : Thomas Muthoot
● CEO : Sadaf Sayeed
● Muthoot Microfin Limited is an Indian microfinance institution, & It is a part of Muthoot Pappachan
Group.
Insolvency and Bankruptcy Board of India Releases New Guidelines for Appointing Insolvency
Professionals as Resolution Professionals
● The Insolvency and Bankruptcy Board of India (IBBI) has issued a new set of guidelines to
streamline the process for appointing insolvency professionals (IPs) as interim resolution
professionals, liquidators, and bankruptcy trustees.
● Under the new guidelines, issued on June 5, a panel of IPs will be set up, which will be effective
from July 1, 2024, to December 31, 2024.
● Aim : To enhance the efficiency and effectiveness of the insolvency resolution process by
ensuring a ready pool of qualified professionals available for immediate appointment.
About IBBI :
● Headquarters : New Delhi, Delhi
● Chairperson : Ravi Mittal
● Parent Department : Ministry of Corporate Affairs
● IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency
Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
● It was established on 1 October 2016 and given statutory powers through the Insolvency and
Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.

PhonePe Partners with Sri Lankan Ride-Hailing Service PickMe to Enable Unified Payments Interface
Payments
● Fintech firm PhonePe has partnered with ride-hailing platform PickMe to facilitate Unified
Payments Interface (UPI)-based payments for Indian travellers in Sri Lanka.
● Enhancing Convenience for Indian Travellers:The partnership with PickMe reflects PhonePe's
commitment to providing convenient and trusted payment solutions for Indian travellers visiting
Sri Lanka.
● It eliminates the hassle of navigating payments in a new country by offering the ease and security
of UPI payments for rides.
● Support for Digital Transformation:The collaboration aligns with PhonePe's mission to drive
digital transformation in Sri Lanka's transportation sector by introducing modern payment
methods.
About Phonepe :
 ● Founded : 2015
● Headquarters : Bangalore, Karnataka
● CEO : Sameer Nigam
About PickMe :
● Founded : March 2014
● Headquarters : Colombo, Sri Lanka
● CEO : Jiffry Zulfer
● Chairman : Ajith Gunewardene
● PickMe is a Sri Lankan taxi hailing and delivery app developed by Digital Mobility Solutions (Pvt)
Ltd.

Reserve Bank of India Annual Report: Nearly 80% of Digital Transactions Conducted via UPI
● According to the Reserve Bank of India’s (RBI) annual report, nearly four out of five digital
payments in the country were conducted on the Unified Payments Interface (UPI) in the financial
year 2024 (FY24).
● Growth of UPI:UPI's share of total digital payments increased from 73.4% in FY23 to 79.7% in
FY24.
● In FY20, UPI's share was 36.8% compared to the total volume of digital payments.
● Volume of Digital Transactions:The volume of digital payments in FY24 reached 164.4 billion
transactions, a 44% year-on-year increase from 113.9 billion transactions in FY23.

Securities and Exchange Board of India Honoured with 'Best Conduct of Business Regulator' Award by
The Asian Banker
● The Securities and Exchange Board of India (SEBI) has been awarded the 'Best Conduct of
Business Regulator' in the Asia Pacific region by The Asian Banker.
● This recognition acknowledges SEBI's efforts in enhancing the regulatory framework for securities
markets in India.
● The award was received by SEBI’s Whole Time Member Kamlesh Chandra Varshney in a ceremony
held in Hong Kong.
● Introduction of T+1 Settlement:In 2021, India introduced T+1 settlement in a phased manner, which
was fully implemented from January 2023.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.

Securities and Exchange Board of India Introduces Penalty Framework for Surveillance Lapses
● The Securities and Exchange Board of India (SEBI) came out with a framework on “financial
disincentives” for market infrastructure institutions that would impose a penalty ranging from ₹1 lakh
to ₹1 crore for each instance of surveillance lapse during the financial year.
● Penalty Structure:
● First Instance:Penalty ranges from ₹1 lakh (annual revenue < ₹300 crore) to ₹25 lakh (annual
revenue > ₹1,000 crore).
● Second Instance:Penalty ranges from ₹2 lakh to ₹50 lakh.
● Third Instance Onwards:Penalty ranges from ₹4 lakh to ₹1 crore.
● The new framework will come into effect from July 1, 2024.

Reserve Bank of India Raises Limit for Bulk Fixed Deposits to Rs 3 Crore from Rs 2 Crore
● The Reserve Bank of India (RBI) hiked the threshold for bulk fixed deposits to Rs 3 crore from
existing Rs 2 crore.
● Bulk fixed deposits typically earn slightly higher interest rates compared to retail term deposits
due to banks offering different rates as part of their liquidity management.
● Retail Fixed Deposits: Single rupee term deposits of up to Rs 2 crore with Scheduled
Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks will now be categorised
as retail fixed deposits.
● The definition of bulk deposits has been revised to include 'Single Rupee term deposit of Rs 3
crore and above' for Scheduled Commercial Banks (excluding Regional Rural Banks) and Small
Finance Banks.

Reserve Bank of India Proposes Simplified Foreign Exchange Management Act Guidelines for Export
and Import of Goods and Services
● While changing dynamics of international trade, the Reserve Bank of India (RBI) is planning to
rationalise the Guidelines for Export and Import of Goods and Services under the Foreign Exchange
Management Act (FEMA), 1999.
● The move will further promote ease of doing business and provide greater operational flexibility to
authorised dealer banks.
● According to the Ministry of Commerce and Industry, India’s exports touched a new high of $776.68
billion in FY24, slightly surpassing the $776.40 billion recorded in the preceding fiscal year.
● The country achieved the highest monthly merchandise exports of $41.68 billion in March.

About FEMA :
● FEMA came into force on June 1, 2000, as a successor to the Foreign Exchange Regulation Act,
or FERA, of 1973, with changing economic conditions in a post-liberalisation India.
● Objective : To facilitate external trade and payments and promote the orderly development and
maintenance of the foreign exchange market in India.
● FEMA deals with provisions relating to procedures, formalities, dealings, etc. of foreign exchange
transactions in India.
● FEMA's head office is known as the Enforcement Directorate and is located in Delhi.
● FEMA is applicable throughout India and equally applicable to agencies and offices located
outside India, which are owned or managed by an Indian Citizen.

Securities and Exchange Board of India cautions ICICI Bank regarding its promotional activities for the
scheme of arrangement aimed at delisting I-Sec equity shares
● The Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI
Bank regarding its outreach efforts related to the delisting of ICICI Securities (I-Sec) equity shares.
● SEBI received numerous complaints from I-Sec shareholders, claiming they received multiple calls
and messages from bank officials urging them to vote in favour of the delisting scheme.
● The term "delisting" of securities means permanent removal of securities of a listed company from a
stock exchange.
● As a consequence of delisting, the securities of that company would no longer be traded at that
stock exchange.

About ICICI Bank :

● Founded: 5 January 1994
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO Sandeep Bakhshi.

Sundaram Mutual Fund Rolls Out New Business Cycle Fund

● Sundaram Mutual has launched a new fund offer (NFO), Sundaram Business Cycle Fund, an open-
ended equity scheme following a business cycles-based investing theme.
● This scheme focuses on capitalizing on various business cycles that drive economic change.
● By strategically investing across these cycles during their upswings, the fund aims to generate
substantial long-term growth for investors.
● Asset Allocation: At least 80% of the fund's assets will be invested in equity and related instruments
selected based on the current business cycle.

Ashv Finance Collaborates with HDFC Bank for Co-Lending Micro, Small and Medium Enterprises
Loans
● Micro, Small and Medium Enterprises (MSME) focused non-banking financial company Ashv
Finance, a part of the Aavishkaar Group, has entered into a co-lending agreement with HDFC Bank
to offer unsecured business loans to micro and small enterprises (MSEs).
● The co-lending deal is part of Ashv Finance’s focus on growing co-lending partnerships for lending to
MSMEs.
● This tie-up validates our data-led model to underwrite MSME businesses and is yet another bit of
effort towards the country’s “Make in India” initiative, as it percolates more and more towards
MSMEs in India.”

About Ashv Finance :

● MD : Nikesh Kumar Sinha
About HDFC Bank :
● Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sashidhar Jagdishan
● Tagline : We Understand Your World

Reserve Bank of India Permits Investors and Companies to Invest in Overseas Funds
 ● The Reserve Bank of India (RBI) has amended the Foreign Exchange Management (Overseas
Investment) Directions, 2022, facilitating investments in overseas funds.
● The amendment lifts several restrictions, allowing Indian investors and companies to invest in
overseas funds, including those in the United States and Singapore, without any limitations.
● The move follows an amendment by the RBI regarding Overseas Portfolio Investments (OPIs).
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
● Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

Punjab National Bank to Open Representative Office in Dubai, Expanding Overseas Footprint
● State-owned Punjab National Bank (PNB) plans to open a representative office in Dubai, as part
of its plan to expand its global footprint.
● The board of directors of PNB has approved the decision to open a representative office in
Dubai, and the bank is currently in the process of seeking regulatory clearance for this initiative.
● As of March 31, 2024, PNB already has a presence in 6 countries through various subsidiaries,
joint ventures, and representative offices.
About PNB :
● Founded : 19 May 1894
● Headquarters : Dwarka, Delhi, India
● Managing Director : Atul Kumar Goel.

Reserve Bank of India Allows Automatic Replenishment of UPI Lite Wallets for Customers
● The Reserve Bank of India (RBI) has proposed a facility to promote small-value digital payments
by allowing customers to automatically replenish their UPI Lite wallets.
● Currently, the UPI Lite has a daily limit of Rs 2,000, while the upper limit for a single payment is
Rs 500.
● UPI Lite is a simplified version of the Unified Payments Interface (UPI).

Reserve Bank of India to Establish Digital Payments Intelligence Platform to Combat Fraud
 ● The Reserve Bank of India (RBI) announced creating a dedicated platform to address digital
payment frauds in India.
● There has been a significant increase in digital payment frauds in recent years, prompting the
RBI to take proactive measures.
● Statistics on Fraud Cases : According to the annual report by the RBI, as many as 36,075 digital
frauds were reported in banks, marking an increase of nearly 166% from the 13,564 cases
reported in FY23.

Reserve Bank of India Announces Launch of 3rd Global Hackathon – HaRBInger 2024
● The Reserve Bank of India (RBI) is organising its 3rd global hackathon – ‘HaRBInger 2024 –
Innovation for Transformation’.
● Themes: The 3rd edition of the hackathon will focus on two themes: 'Zero Financial Frauds' and
'Being Divyang Friendly'.
● The first two editions of the hackathon were completed in the year 2022 and 2023.
● The first edition, “HARBINGER 2021 - Innovation for Transformation”, centred on 'Smarter Digital
Payments'.
● The second edition, “HARBINGER 2023 - Innovation for Transformation”, launched on February
14, 2023, focused on 'Inclusive Digital Services'.
Securities and Exchange Board of India to Revise Selection Criteria for Futures and Options Stocks
● The market watchdog Securities and Exchange Board of India (SEBI) has come up with a
consultation paper for reviewing the eligibility criteria of stocks that can be included in the futures
and options (F&O) segment.
● SEBI had previously established a framework in 2018 for selecting stocks eligible for trading in
the F&O segment.
● Proposed MWPL Increase: SEBI proposes to increase the Market Wide Position Limit (MWPL) to
Rs 1,250 crore - Rs 1,750 crore, considering the significant rise in overall market capitalization
since 2018.

State Bank of India Grants ₹2,030 Crore in Co-Lending Partnership with Non-Banking Finance
Companies
 ● The State Bank of India (SBI) has established co-lending tie-ups with 23 non-banking finance
companies (NBFCs) and housing finance companies (HFCs) to expand its outreach to the
unserved and under-served populations.
● SBI launched an end-to-end digital platform for credit underwriting, sanction, disbursement, and
collections for NBFC co-lending.
● This platform enables digital processing and management of loans in partnership with NBFCs.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti

SBI Mutual Fund Surpasses Rs 10 Trillion in Assets, Becoming the First Fund House to Achieve This
Milestone
● SBI Mutual Fund, India's largest asset management company (AMC) based on assets under
management (AUM), has become the 1st mutual fund house in the country to surpass Rs 10 lakh
crore in Average Assets Under Management (AAUM).
● Overall Mutual Fund Industry AUM: According to data from the Association of Mutual Funds of
India (AMFI), the total assets under management (AUM) of the mutual fund industry, including
open-ended and closed-end funds, stood at Rs 58.91 lakh crore as of May end, compared to Rs
57.26 lakh crore in April.
About SBI Mutual Fund :
● Founded: June 29, 1987
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Shamsher Singh
● Joint Venture: Between the State Bank of India (SBI) and Amundi, a European asset
management company.

Mutual Fund Equity Inflows Reach Record High Amidst Investor Response to Market Volatility
● Inflows into equity schemes of mutual funds surged by 83% to ₹34,697 crore in the last month,
up from ₹18,917 crore in April.
 ● This marks a new high, surpassing the ₹30,000 crore mark for the first time.
● The thematic HDFC Manufacturing fund collected ₹9,563 crore through a New Fund Offer (NFO)
in May 2024.
● Overall, thematic funds received investments totaling ₹19,213 crore, compared to ₹5,166 crore
previously.

Dubai's Indian Business and Professional Council Partners with National Payments Corporation of India
and Reserve Bank of India to Highlight Advances in Digital Payments and Currency Settlement
Mechanisms
● The Indian Business and Professional Council (IBPC) in Dubai, in collaboration with
representatives from the National Payments Corporation of India (NPCI) and the Reserve Bank
of India (RBI), held a conclave to showcase advancements in digital payments and currency
settlement mechanisms.
● Objective of the Conclave : To enhance economic cooperation and facilitate seamless cross-
border transactions between India and the United Arab Emirates (UAE).
● The conclave was held at the Taj Dubai and highlighted the Local Currency Settlement (LCS)
framework, a significant outcome of Prime Minister Narendra Modi's visit to the UAE earlier in
2024..
About NPCI :
● Founded : 2008
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Dilip Asbe
● The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
● It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.

State Bank of India Introduces 'SME Digital Business Loans' with 45-Minute Sanction Time
• State Bank of India (SBI) has launched 'SME Digital Business Loans' to cater to small and
medium enterprises (SMEs).
 • The product offers an end-to-end sanction turnaround time of up to 45 minutes, representing a
significant advancement in digitalization.
• SME Digital Business Loans leverages technology and an ecosystem of APIs (application
programming interface) to streamline the lending process.
• SBI has identified the micro, small, and medium enterprise (MSME) sector as a key area for the
bank's growth and profitability over the next 5 years.
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

Exim Bank Extends USD 23.37 Million Line of Credit to Government of Guyana
• The Export-Import Bank of India (Exim Bank) has provided a Government of India-supported Line
of Credit (LoC) of USD 23.37 million to the Government of the Co-operative Republic of Guyana
(GO-GUY).
• Purpose of the LoC : To facilitate the procurement of two Hindustan 228-201 aircraft from
Hindustan Aeronautics Limited.
• Agreement Details:An agreement was signed on March 15, 2024, between Exim Bank and the
GO-GUY for the implementation of the LoC.
About Export-Import Bank of India (Exim Bank) :
• Founded : 1 January 1982 (under the Export-Import Bank of India Act, 1981)
• Headquarters : Mumbai, Maharashtra
• Chairman & MD : Ms. Harsha Bangari
• The Exim Bank is a specialized financial institution in India.
• The bank's primary function is to finance, facilitate and promote India's international trade.
• It is owned by the Government of India and operates as a statutory corporation.

Union Bank of India Board Approves Rs 10,000 Crore Capital Raise through Equity and Debt
Issuance
 • Union Bank of India's board of directors, in a meeting held on June 11, 2024, approved a
proposal to raise funds amounting to Rs 10,000 crore.
• Modes of Fundraising:The board approved raising equity capital up to Rs 6,000 crore through
public issue (further public offer), rights issue, private placements including qualified institutions
placements, preferential allotment, or a combination thereof, subject to necessary approvals.
• Additionally, the approval includes raising Basel-III compliant Additional Tier-1 (AT-1) bonds up to
Rs 2,000 crore and Tier-2 bonds up to Rs 2,000 crore, including foreign currency-denominated
AT1/Tier-2 Bonds.
About Union Bank of India :
• Founded : 11 November 1919
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : A. Manimekhalai
• Tagline : Good People to Bank with

SBI Mutual Fund Raises Stake in Kotak Mahindra Bank to Over 5%

• India's largest asset management company (AMC) based on assets under management (AUM),
SBI Mutual Fund has increased its stake in Kotak Mahindra Bank to over 5%.
• Kotak Mahindra Bank disclosed in a regulatory filing that the investment house bought 21.57 lakh
shares in the open market on June 5.
• SBI Mutual Fund claimed that with the new investment, its ownership of Kotak Mahindra Bank
climbed to 5.01%.
About SBI Mutual Fund :
• Founded: June 29, 1987
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Shamsher Singh
• Joint Venture: Between the State Bank of India (SBI) and Amundi, a European asset
management company.
• SBI Mutual Fund is an Indian asset management company introduced by the State Bank of India
(SBI).
About Kotak Mahindra Bank Limited :
• Founded : 1985
 • Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Ashok Vaswani

Ministry of Finance Sets ₹10 Crore Cap on Dispute Value for Arbitration
• The Union Finance Ministry has recommended capping arbitration clauses in government
contracts to disputes involving amounts less than ₹10 crore.
• Arbitration is a dispute resolution mechanism between investors and brokers, or between
brokers.
• It is overseen by the Financial Industry Regulatory Authority (FINRA), with decisions that are final
and binding.
• Arbitration differs from mediation, where parties negotiate a voluntary, non-binding settlement
unless agreed upon by all parties.
About Ministry of Finance :
• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary

Export-Import Bank of India (India Exim Bank) Opens East Africa Representative Office in Nairobi to
Boost India's Business Presence in Africa
• Export-Import Bank of India (India Exim Bank) has inaugurated its East Africa Representative
Office in Nairobi.
• The objective is to expand India's business presence in Africa, particularly in resource-rich and
demographically young regions.
• Apart from Nairobi, the Bank has offices in Abidjan, Côte d'Ivoire, and Johannesburg, South
Africa.

Integration of Unified Payment Interface Boosts Distribution of RuPay Credit Cards

● Integration of the Unified Payments Interface (UPI) with RuPay credit cards has significantly
boosted the distribution and issuance of these domestic cards.
● Around 30% of new credit cards issued in the country now are on the RuPay network.
● In comparison, RuPay cards accounted for around 5% of the new credit card issuance in 2022-
23, before the Reserve Bank of India allowed linking UPI with these cards.
 ● American card payment majors Visa and Mastercard dominate the domestic credit card market.
● NPCI announced interchange fees on credit cards for UPI transactions in October 2023, with
exemptions for small merchants.
● Merchant Discount Rate (MDR) applies to UPI-linked RuPay credit card transactions above Rs
2,000, while transactions below Rs 2,000 are exempt.
● Regulatory Impact: In March 2023 directive from RBI directed towards offering multiple network
options to customers at the time of card issuance, benefiting the RuPay card network.
About UPI :
● UPI is a system that powers multiple bank accounts into a single mobile application.
● It is developed by the National Payments Corporation of India (NPCI).
● It was introduced in April 2016.

Moody's Forecasts Commercial Banks' Credit Growth to Slow to 12-14% in FY25

● The pace of credit growth of commercial banks in India is expected to moderate in the current
financial year (FY25) to 12-14% due to challenges in raising resources and regulatory concerns
on unsecured credit.
● The moderation of credit growth will be faced by the non-banking finance companies also,
according to global rating agency Moody's and its Indian Unit ICRA.
● Previous Year's Credit Growth:In FY24, banks reported a credit growth of 16.3%, excluding the
impact of the HDFC merger with HDFC Bank.
● The RBI data highlights a 3.1% gap between credit and deposits growth rates as of May 17,
2024, which widens to 6.2% when considering merger effects.
● NBFC Sector Outlook:NBFCs, excluding housing and infrastructure financing, are projected to
grow their assets under management (AUM) at a relatively muted rate of 17-19% in FY25,
compared to higher growth rates in previous years.
● Asset quality and earnings of NBFCs may weaken, with non-performing assets (NPAs) expected
to increase by up to 30 basis points and earnings declining by 20-40 basis points from FY24
levels.
About Moody's Ratings :
● Founded : 1909
● Headquarters : New York City, United States
About ICRA Limited :
● Founded : 1991
● Headquarters : Gurugram, Haryana
● Managing Director & Group CEO : Ramnath Krishnan

State Bank of India Plans to Raise Up to $3 Billion Through Debt in Fiscal Year 2025
● India's largest lender State Bank of India (SBI), announced that its board has approved a plan to
raise to $3 billion through debt in the current financial year.
● The funds will be raised in single or multiple tranches via public offering and/or private placement
of senior unsecured notes.
● These notes will be denominated in US dollars or any other major foreign currency.
● The purpose of the fund utilization was not disclosed in the announcement.
● The fundraising will be conducted under Regulation S (RegS) and Rule 144A, which are
regulations governing securities offerings in international markets.
● Several other state-run banks including Canara Bank, Punjab and Sind Bank, and Punjab
National Bank also have plans to raise funds through debt this fiscal year.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti

Reserve Bank of India's Automated Sweep-In and Sweep-Out System Glitch Disrupts Lending and
Borrowing Operations
● The Automated Sweep-In and Sweep-Out System (ASISO), utilized by banks for managing daily
liquidity requirements with the Reserve Bank of India (RBI), experienced its first malfunction
since its inception nearly four years ago.
● This system is crucial as it allows banks to borrow from RBI's Marginal Standing Facility (MSF)
and deposit funds at its Standing Deposit Facility (SDF).
● The malfunction prompted the RBI to investigate the cause to ensure operational reliability.
● Regulatory Requirements for Banks:Indian banks are mandated to deposit 4.5% of their net
 deposits with RBI.
● They must maintain at least 90% of this requirement on a daily basis, ensuring liquidity stability in
the banking system.
● The Marginal Standing Facility (MSF) offers banks a way to access funds from the central bank
during liquidity shortfalls.
What is ASISO?
● Introduction of ASISO:ASISO was introduced in 2020 during the Covid-19 pandemic to automate
the process of liquidity management for banks in India.
● Functionality and Importance:ASISO automates the procedure for overseeing banks' liquidity,
playing an essential role in their daily liquidity management.
● It helps maximize the use of human resources by giving qualified participants more flexibility in
handling their cash reserve ratio (CRR) balances at the end of the day.

Reserve Bank of India Imposes ₹1.45 Crore Fine on Central Bank of India, ₹96.4 Lakh Fine on
Bangladesh's Sonali Bank for Violations
● The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,45,50,000 (₹1.45 crore)
on the Central Bank of India (CBI), citing deficiencies in regulatory compliance.
● The penalty follows the findings of the Statutory Inspection for Supervisory Evaluation (ISE 2022)
conducted by the RBI with reference to the bank’s financial position as of March 31, 2022.
● Legal Provisions Invoked:The penalty has been imposed under the provisions of Section
47A(1)(c), read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
● Also RBI has imposed a monetary penalty of ₹96.40 Lakh on Sonali Bank PLC (Public Limited
Company).
● Reason for Penalty: The penalty results from contraventions of regulatory requirements
● Legal Provisions Invoked:The penalty is imposed under Section 47A(1)(c) read with Section
46(4)(i) of the Banking Regulation Act, 1949 (BR Act) and Section 25(1)(iii) read with Section
23(4) of the CIC (R) Act.
About CBI :
● Founded : 21 December 1911
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Matam Venkata Rao
About Sonali Bank PLC :
● Founded : 1972
● Headquarters : Motijheel, Dhaka, Bangladesh
● Current Chairman : Ziaul Hasan Siddiqui
● Current MD & CEO : Md Afzal Karim
● First Chairman and Managing Director of Sonali Bank : G.M. Chowdhury

State Bank of India Completes $100 Million Foreign Bond Issuance

● The State Bank Of India (SBI) has concluded the issuance of $100 million foreign bonds which
will be issued through SBI’s London branch on June 20 2024.
● The bonds are senior unsecured floating rate notes (FRN) with a maturity period of 3 years.
● These notes have a coupon rate of SOFR + 95 basis points (bps).
● The reference rate for these particular FRNs is the Secured Overnight Financing Rate (SOFR), a
benchmark interest rate for dollar-denominated loans.
What are Floating Rate Notes?
● Floating Rate Notes (FRNs) are fixed income securities that pay a coupon determined by a
reference rate which resets periodically.
Key Characteristics of FRNs:
● Interest Rate: The rate may change ("float") over time, linked to the reference rate.
● Maturity: Typically, FRNs mature within a short-term period, often around 2 years.
● Interest Payments: Interest is paid periodically, often four times a year.
● Fluctuating Payments: As the reference rate resets, the interest payment received fluctuates over
time.
What Is the Secured Overnight Financing Rate (SOFR)?
● The SOFR is a benchmark interest rate for dollar-denominated derivatives and loans that
replaced the London Interbank Offered Rate (LIBOR).

Insurance Regulatory and Development Authority Issues Master Circular to Ease Compliance Burden
on Insurers

● Insurance regulator Insurance Regulatory and Development Authority (IRDAI) has issued a
 master circular on submission of returns for insurers, including foreign reinsurance branches
(FRBs), on the 202 regulatory returns to be filed.
● Superseding 10 circulars issued since 2014, the master circular lists the operational guidelines
on the regulations issued post a comprehensive review of regulatory framework for the insurance
sector.
● It consolidates 37 regulations related to returns into 7 and introduces 2 new regulations, effective
from April 1, 2024.
● The move towards principle-based regulations aims to facilitate a favourable environment for
ease of doing business and reduce the compliance burden.
● The circular collates 60 regulatory returns required under the new regulations/operational
guidelines.
● Additionally, 142 returns are required to be filed with IRDAI periodically (quarterly, half-yearly,
and annual).
● The master circular is divided into 3 parts.
1. Part 1: Deals with returns specified in the regulations and corresponding master circulars.
These returns monitor the fulfilment of regulatory objectives and the performance of
insurers.
2. Part 2: Pertains to business statistics collected through a business analytics project or
email. This data helps understand business growth, distribution channels, demography,
product segments, persistence, and renewability.
3. Part 3: Repeals various previous circulars, rendering them inapplicable subsequent to the
new master circular.
About IRDAI :
● Established : 1999
● Headquarters : Hyderabad, Telangana
● Chairperson : Debasish Panda
● The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.

Reserve Bank of India Receives Risk Manager of the Year Award 2024 from London-based Central
Banking
● The Reserve Bank of India (RBI) has been awarded the Risk Manager of the Year Award 2024
by London-based Central Banking.
● RBI was recognized for improving its risk culture and awareness and for implementing a new
enterprise-wide risk management (ERM) framework across the organisation.
● Executive Director Shri Manoranjan Mishra received the award on behalf of the RBI.
● Rolling out the new ERM framework was challenging due to RBI’s large size, with over 12,000
staff members.
● The previous ERM framework dated back to 2012, making the update necessary.
What is ERM?
● Enterprise Risk Management (ERM) is the process of planning, organizing, directing, and
controlling the activities of an organization to minimize the harmful effects of risk on its capital
and earnings.
● ERM includes managing financial, strategic, and operational risks, as well as risks associated
with accidental losses.
● ERM is designed to identify and manage risks across an entire organization and its extended
networks, using a holistic, company-wide approach rather than individual business units
managing risk separately.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
● Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

Baroda BNP Paribas Mutual Fund Introduces Baroda BNP Paribas Manufacturing Fund
● Baroda BNP Paribas Mutual Fund has launched the Baroda BNP Paribas Manufacturing Fund,
which is an open-ended equity scheme predominantly investing in manufacturing themes.
● The NFO of the scheme is currently open for subscription and will close on June 24,2024.
● After the initial offer period, the scheme will reopen for continuous sale and repurchase within 5
business days from the date of allotment.
● The scheme will be benchmarked against Nifty India Manufacturing TRI.
 ● It will be managed by Jitendra Sriram.
● Asset Allocation Strategy:The scheme's asset allocation includes:
➢ 80-100% in equity and equity related instruments of companies with a manufacturing
theme.
➢ 0-20% in other equity and equity related instruments.
➢ 0-20% in debt and money market instruments.
➢ 0-10% in units of mutual funds.
➢ 0-10% in units issued by Real estate investment trusts (REITs) and Infrastructure
Investment Trusts (InvITs).
About Baroda BNP Paribas Mutual Fund :
● CEO : Suresh Soni

Reserve Bank of India Broadens Overseas Portfolio Investment Opportunities

● The Reserve Bank of India (RBI) issued a circular regarding overseas investments, permitting
resident individuals and listed companies to invest in offshore funds managed by regulated fund
managers.
● Purpose of Circular : To align India's overseas investment rules with the diverse fund structures
available abroad, thereby facilitating more diverse and efficient investment opportunities for
Indian investors.
● Previously, Indian regulations allowed investments only in foreign funds that were regulated.
● Amendment Details:The amended paragraph reads as follows: “The investment (including
sponsor contribution) in units or any other instrument (by whatever name called) issued by an
investment fund overseas, duly regulated by the regulator for the financial sector in the host
jurisdiction, shall be treated as OPI [overseas portfolio investments].
● Flexibility Introduced:The amendment introduces flexibility in the choice of jurisdiction and the
legal structure of the fund. It allows for investments not only in offshore fund units but also in
various fund structures like limited partnerships, Limited Liability Company (LLCs), Variable
Capital Company (VCCs) and corporations.

Banks to Urge Reserve Bank of India to Offer Incentives for Green Financing
● Banks plan to request the Reserve Bank of India (RBI) to incentivise green financing, including
 considering this category of lending, irrespective of loan limit, as priority sector lending (PSL) or
excluding infrastructure sector exposure from overall credit for the purpose of arriving at annual
PSL target.
Definition of Green Finance:
● According to the G20 Green Finance Synthesis Report, Green finance is defined as financing of
investments that deliver environmental benefits in the broader context of environmentally
sustainable development.
● Current Cap on Renewable Energy Projects:Currently, there is a cap of ₹30 crore for the
inclusion of renewable energy projects under PSL.
● Challenges for Bigger Banks:Smaller banks can achieve PSL targets more easily as they are
less involved in infrastructure financing.
● Bigger banks, which finance large infrastructure projects, face challenges as their base for the
annual PSL target increases each year.
● Priority Sector Lending (PSL) Guidelines : PSL guidelines specify 8 categories of priority sectors
viz., (i) Agriculture; (ii) MSME; (iii) Export Credit; (iv) Education; (v) Housing; (vi) Social
Infrastructure; (vii) Renewable Energy; and (viii) Others.
● Banks must achieve a PSL target of 40% of the previous year’s Adjusted Net Bank Credit or the
credit equivalent amount of Off-Balance Sheet Exposure, whichever is higher as of the previous
year-end.

CAMS Insurance Repository Services Introduces insurance portfolio management platform - Bima
Central

● CAMSRep (CAMS Insurance Repository Services), a wholly-owned subsidiary of the Company

and a leading Insurance Repository launches Bima Central, a revolutionary one-stop platform for
simplifying insurance portfolio management.
● Aim of Bima Central : To simplify insurance portfolio management by aggregating policy benefits,
ensuring claim-readiness, and providing easy access to policy servicing.
Features of Bima Central :
● Users can manage Life, Health, and Motor policies through their secure eInsurance Account
(eIA) opened with CAMSRep.
 ● Features include simplified policy information, renewals & reminders, profile management
(personal data and nominee information), policy calendar, and more.
● Access and Availability:Policyholders with an existing eInsurance Account (eIA) with CAMSRep
can access Bima Central to manage their policies across various insurers.
● Insurance Partners:SBI General is the anchor insurer partnering with Bima Central.
● Other insurers like ICICI Prudential Life, Star Union Daichi, TATA AIA, and Aditya Birla Health
are also in the process of integrating their services with the platform.
● CEO of CAMSRep : Vivek Bengani
Kotak Mahindra Life Insurance and Mahindra Finance Form Partnership to Provide Life Insurance
Products

● Kotak Mahindra Life Insurance Company Limited (Kotak Life) has partnered with Mahindra &
Mahindra Financial Services Limited (Mahindra Finance) to offer life insurance solutions to
customers.
● The agreement was signed by Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance
Company, and Raul Rebello, Managing Director & CEO, Mahindra Finance.
● The partnership aims to benefit over 10 million customers of Mahindra Finance by providing a
wide range of tailor-made life insurance solutions from Kotak Life.
● These life insurance offerings will be distributed by Mahindra Finance through its extensive
network of more than 1,400 branches spread across all states and Union Territories (UTs).
About Kotak Mahindra Life Insurance Company Limited :
● Founded : 2001
● Headquarters : Mumbai, Maharashtra, India
● Managing Director : Mahesh Balasubramanian
About Mahindra & Mahindra Financial Services Limited (MMFSL) :
● Founded : 1991
● Headquarters : Mumbai, Maharashtra, India
● Vice Chairman & President : Ramesh Iyer
City Union Bank Launches Digital Lending Platform for Micro, Small and Medium Enterprises

● The City Union Bank (CUB) has introduced digital lending processes tailored for Micro, Small,
 and Medium Enterprises (MSMEs).
● This includes instant loans for MSMEs and retail secured loans such as housing loans, affordable
home loans, loans against property, and auto loans.
● Turnaround Time:Loans ranging from ₹5 crore to ₹7.50 crore are disbursed to MSMEs within a
turnaround time of 24-48 hours, showcasing rapid processing capabilities.
● Loan Book Composition:As of March 2024, MSME and agriculture sectors constitute 56% of
CUB's total loan book, indicating a significant focus on these segments.
● Recruitment and Capability Enhancement:To enhance competitiveness, CUB has hired
approximately 10 executives at the Assistant General Manager (AGM) level and above.
● These recruitments aim to strengthen capabilities in retail banking, analytics, credit management,
and operations.
● Strategic Goals and Customer Segmentation:
➢ Strategy 1: Targeting existing customers who have loans with other financial institutions.
➢ Strategy 2: Focusing on existing depositors and customers seeking new loans.
➢ Strategy 3: Attracting new customers.

What do you mean by digital lending?

● Digital lending in India refers to the provision of loans facilitated through online platforms and
digital channels, bypassing traditional brick-and-mortar institutions.
● It involves the use of technology such as mobile apps, websites, and data analytics to streamline
the lending process, from application to disbursal.
About CUB :
● Founded : 1904
● Headquarters : Kumbakonam, Tamil Nadu, India
● MD & CEO : Dr. N. Kamakodi
Reserve Bank of India Revokes Purvanchal Co-operative Bank's License in Ghazipur

● The Reserve Bank of India (RBI) has cancelled the licence of Purvanchal Co-operative Bank,
Ghazipur, Uttar Pradesh as it does not have adequate capital and earning prospects.
● The Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh, has
been instructed to issue an order for winding up the bank and appoint a liquidator.
 ● Impact on Depositors:Upon liquidation, depositors will be entitled to receive deposit insurance
claim amounts up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation
(DICGC).
● Approximately 99.51% of depositors are expected to receive the full amount of their deposits
from DICGC.
● RBI also informed that DICGC (as on May 30, 2024) has already paid Rs 12.63 crore of the total
insured deposits based on the willingness received from the depositors concerned of the bank.
Public Sector Unit Banks Maintain Dominance in Indian Banking Landscape: SBI Report
● The Public Sector Banks (PSBs) in India hold a dominant position in the banking sector by
accounting for more than 50% of the banking business in terms of market share, branches, and
Automated Teller Machines (ATMs), highlights a report by the State Bank of India.
● The report indicates that public sector banks hold over 63% of the total ATMs in the country,
whereas private banks manage only 35%.
● Deposit Share: Public sector banks hold 59% of total deposits in the country, indicating higher
public trust compared to private banks' 32% share.
● Digital Banking: PSBs are leaders in digital banking with over 54% of credit cards issued,
surpassing private banks' 37.8% share.
● Efficiency: PSBs operate at an efficiency rate of 82.76%, higher than private banks' 79.59%,
demonstrating their operational effectiveness.
● State Bank of India (SBI): SBI stands out as the leading PSB, holding the highest share of
deposits, operating the largest ATM network, and issuing the most credit cards.
● Sector Growth: The banking sector has shown a 6% growth in Total Factor Productivity (TFP),
primarily driven by efficiency improvements rather than technological advancements.
● Role of Private Banks: While PSBs dominate, private banks contribute significantly by offering
diverse services and competing in the market.
● Diversification: Besides PSBs and private banks, the emergence of payment banks, small
finance banks, and Regional Rural Banks (RRBs) has diversified the banking sector, enhancing
financial inclusion.

Mutual Fund Houses Introduce Thematic Funds Focused on Thriving Manufacturing Sector
 ● The mutual fund industry is all set to ride the manufacturing wave as a theme for investment.
● The National Democratic Alliance government, under Prime Minister Narendra Modi, is
continuing incentive policies aimed at boosting corporate investments, particularly in
manufacturing.
● New Fund Offers (NFOs):Motilal Oswal Asset Management and Invesco India MF have filed
papers with SEBI to launch thematic funds focused on manufacturing.
● Mahindra Manulife AMC and Baroda BNP Paribas are also launching new fund offers on
manufacturing by the end of the month.
● Fund Performance and Assets:HDFC AMC raised ₹9,563 crore through its manufacturing fund
launched last month.
● Canara Robeco Manufacturing Fund, launched in March, already has an AUM (Assets Under
Management) of ₹1,374 crore as of May-end.
● Number of Funds:Currently, there are 8 manufacturing funds, with 3 of them being passively
managed.
● Returns:Over the last six months, manufacturing funds have provided an average return of 34%,
with Quant Manufacturing Fund offering the highest return at 36%.
● Passive funds like Mirae Asset Nifty India Manufacturing ETF FoF and Navi Nifty India
Manufacturing Index Fund delivered returns of 60% over the last year.
● Kotak Manufacture in India Fund recorded a 54% return in the same period.
● Government Initiatives:The government aims to increase the manufacturing sector's contribution
to GDP from 17% to 25% through initiatives like 'Make in India' and 'Atmanirbhar Bharat'.

RBI monitoring F&O frenzy in India along with Sebi: Shaktikanta Das

● The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) are
keeping a close watch on the surging volume in the equity derivatives segment whose volumes
have even dwarfed the nominal GDP of the country.
● Options and futures volumes are larger than the nominal GDP of the country stated RBI
Governor Shaktikanta Das.
● He further highlighted the fact that SEBI is actively addressing the issue and will take appropriate
actions if needed. The discussions took place within the framework of the Financial Stability and
 Development Council (FSDC).
● India's nominal GDP or GDP at Current Prices was estimated to be Rs 295.36 lakh crore in the
year 2023-24, according to the Ministry of Statistics and Programme Implementation website.
● The combined average F&O turnover for BSE and NSE stood at Rs 362 trillion in FY24.
● Data from the Futures Industry Association (FIA), a global trade organisation for the derivatives
market, shows that India’s National Stock Exchange (NSE) occupies the numero uno position in
terms of the number of options contracts traded only to be followed by another Indian bourse –
BSE.
● In April 2024, NSE saw a total of nearly 8,494 million contracts being traded with options
contracts accounting for the bulk of the share. BSE, on the other hand, saw 2,224 million
contracts being traded in April.
Changes in regulations:
● Meanwhile, a recent SEBI discussion paper suggested that the regulator has proposed stricter
eligibility criteria for stocks in the futures and options segment, aiming to update a framework
unchanged since 2016.
● SEBI's discussion paper has further proposed new criteria for selecting stocks in futures and
options trading, aiming to ensure sufficient liquidity and market interest.
● The SEBI discussion paper proposed that stocks must have traded on 75 percent of trading
days, with at least 15 percent participation from active derivatives traders.
● Additional requirements included daily turnover thresholds and limits on open contracts to
mitigate risks like market manipulation and volatility.

What is F&O (Futures and Options)?

● Futures and options are financial derivatives that allow traders to speculate on the price
movements of an underlying asset without actually owning it.
● Futures contracts obligate the buyer to purchase an underlying asset, while the seller must
deliver it at a predetermined price and date.
● In options contracts, the buyer has the right, but not the obligation, to buy or sell the underlying
asset at a predetermined price and date, while the seller must honour the contract if the buyer
chooses to exercise their option.
Budget to usher in minimum corporate tax rule under ‘Pillar-2’

● The Central government is likely to announce India’s adoption of the “Pillar-2” tax regime
anchored by the Organisation for Economic Cooperation and Development (OECD) in the
coming Budget, as part of the country’s efforts to support and benefit from the global system
combating tax avoidance.
● The Finance Bill, 2024, passed after the interim Budget presentation, will be amended after the
tabling of the full Budget in the second half of July to this effect, an official said, on condition of
anonymity.
● The Pillar 2-GloBE Rules – which provides for a global minimum tax for “multinational
enterprises” (MNEs), aims to deter profit shifting by ensuring that these firms maintain a minimum
Effective Tax Rate (ETR) of 15% across all jurisdictions in which they operate.
● MNEs, as per the rules, are defined as those entities with a global turnover exceeding 750 million
euros.
● To make Pillar 2 operational in India, the Centre would have to amend the tax laws to include the
rules, namely Qualified Domestic Minimum Top-up Tax (QDMTT), Income Inclusion Rule (IIR),
Undertaxed Profits Rule (UTPR), and Subject to Tax Rule (STTR).
Pillar-2 regime:
● The pillar-2 regime, in simple words, aims to prevent MNEs from shifting profits to low-tax
jurisdictions.
● Since January 1, 2024, over 27 countries (of 130 that signed the multilateral convention) have
incorporated the pillar-2 rules in their domestic laws.
Shivalik Small Finance Bank raises Rs 100 Cr in equity investment

● Noida-based Shivalik Small Finance Bank has raised Rs 100 crore in equity co-led by global
venture capital firm Lightspeed and Sanjay Nayar-founded Sorin Investments, with participation
from existing investors Accel and Quona.
● The bank plans to use the funding to enhance its tech stack, strengthen its team, and further
develop its product proposition to build a digital-first bank for small businesses and underserved
segments.
● In 2022, the bank had raised Rs 111 crore in equity co-led by global venture capital firms Accel
and Quona Capital.
 ● The bank is the first Small Finance Bank in India to have transitioned from an Urban Cooperative
Bank with over 25 years of experience in offering retail banking products and services.

About Shivalik Small Finance Bank:

● Shivalik became the first Small Finance Bank in India to transition from an Urban Co-operative
bank namely Shivalik Mercantile Co-operative Bank (SMCB).
● Founded in 1998 by Mr. Yashvir Kumar Gupta, with Mr. Suveer Kumar Gupta serving as its MD &
CEO, till transition into Shivalik Small Finance Bank (SSFB).
● Mr. Suveer Kumar Gupta, who played a crucial role in this transition, not only served as the first
MD & CEO of SSFB but also continues to contribute as an Advisor to the Board.
● Headquartered in Noida.

SBI to raise up to ₹20000 crores to fund infra projects

● State Bank of India (SBI), the country's largest lender, plans to raise Rs 20,000 crore through
long-term bonds in the current financial year for funding infrastructure projects and affordable
housing units.
● In a filing with stock exchanges, the lender stated its central board had, at its meeting on
Wednesday, approved issuing long-term bonds to raise to Rs 20,000 crore through a public issue
or private placement during 2024-25.
● A senior SBI executive stated that the bank had raised Rs 20,000 crore in two previous financial
years (FY23 and FY24).
● In September 2023, it had placed a 15-year infrastructure bond at a coupon of 7.49 per cent.
● The bank has already announced plans to raise up to $3 billion of long-term funds from the
international market through a public offer and/or private placement of senior unsecured notes in
the US dollar or any other major foreign currency in the current financial year.
● Of this, major exposures were to the power sector (Rs 2.04 trillion), ports and roads (Rs 1.12
trillion) and telecom (Rs 30,376 crore).
● In its annual report for FY24, SBI stated the government had further raised its budgetary
allocation towards capital expenditure from Rs 10 trillion in FY24 to Rs 11.11 trillion for the
current financial year.
● The Government of India has introduced various initiatives to strengthen the economy, such as
 the National Infrastructure Pipeline (NIP) with targeted investments of $1.4 trillion, the National
Monetisation Pipeline (NMP), and Performance-linked Schemes (PLI).

RBI invites applications for recognition of SROs for NBFCs

● The Reserve Bank of India (RBI) invited applications for recognition of SROs for the NBFC
sector.
● The applications are invited under the aegis of RBI’s ‘Omnibus Framework for recognition of Self-
Regulatory Organisations for Regulated Entities of the Reserve Bank’ dated March 21, 2024.
● According to the RBI, the SRO for NBFC sector is primarily envisaged for NBFCs in the
categories of Investment and Credit Companies (NBFC-ICCs), Housing Finance Companies
(HFCs) and Factors (NBFC-Factors).
● However, the SRO may also have other categories of NBFCs as its members.
● The recognized SRO shall have a good mix of NBFC-ICCs, HFCs and NBFC-Factors as its
members.
● The RBI has also highlighted that the failure to achieve the aforesaid membership, within two
years of the grant of recognition as SRO, would render the SRO liable for revocation of the
recognition granted.
Terms of recognition of SROs:
● As per the details laid down by the RBI, the applicant should achieve a minimum net worth of Rs
2 crore within a period of one year after recognition as an SRO, or before commencement of
operations as an SRO, whichever is earlier.
● A maximum of two SROs for the NBFC sector will be recognised, subject
to the applicants fulfilling the prescribed criteria to the satisfaction of the Reserve Bank.
● The guidelines as given in the omnibus framework for recognition of SRO for REs of the Reserve
Bank, shall be adhered to for application, recognition and functioning of the SRO.
Self-Regulatory Organization (SRO):
● A self-regulatory organization (SRO) is an entity such as a non-governmental organization, which
has the power to create and enforce stand-alone industry and professional regulations and
standards on its own.
● In the case of financial SROs, such as a stock exchange, the priority is to protect investors by
establishing rules, regulations, and setting standards of procedures that promote ethics, equality,
 and professionalism.

RBI Cancels Licence Of Mumbai-based The City Co-operative Bank

● The Reserve Bank cancelled the licence of The City Co-operative Bank, Maharashtra for lacking
adequate capital and earning prospects.
● The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has
also been asked to issue an order for winding up the bank and appoint a liquidator, RBI stated.
● According to RBI, the cooperative bank ceases to carry on banking operations with effect from
the close of business hours on June 19, 2024.
● On liquidation, every depositor would be entitled to receive a deposit insurance claim amount of
his/her deposits up to a monetary ceiling of Rs 5 lakh only from Deposit Insurance and Credit
Guarantee Corporation (DICGC).
● “As per the data submitted by the bank, about 87 per cent of the depositors are entitled to receive
the full amount of their deposits from DICGC,” RBI stated.
● As of June 14, 2024, DICGC has already paid Rs 230.99 crore of the total insured deposits
based on the willingness received from the depositors concerned of the bank.

Zurich Insurance acquires majority stake in Kotak General Insurance

● Zurich Insurance Company Ltd. (“Zurich”) announced the successful completion of acquiring a
majority stake in Kotak Mahindra General Insurance Company Limited (“Kotak General
Insurance”) from Kotak Mahindra Bank Limited (“Kotak”), following the receipt of all necessary
regulatory approvals.

● Zurich has acquired a 70% stake in Kotak General Insurance for a total consideration of Rs.
5,560 crores (i.e., USD 670 million), through a combination of fresh growth capital and share
purchase.
● The transaction marks the largest foreign investment in India’s general insurance market and is
the first by a foreign insurer since the foreign direct investment (FDI) limit was raised from 49% to
74% in 2021.
● With this entry, Zurich is fully committed to fostering the development and expansion of India’s
insurance sector in keeping with the Insurance Regulatory and Development Authority of India’s
 (IRDAI) goal of achieving “Insurance for All” by 2047.
● The transaction was announced in November 2023 and was subject to customary conditions
precedent including regulatory approvals from the Reserve Bank of India, Insurance Regulatory
and Development Authority of India, and the Competition Commission of India. All necessary
approvals have been received.

About Zurich Insurance:

● Formation: 1872
● Headquarters: Zurich, Switzerland
● Chairman: Michel Lies
● CEO: Mario Greco

ADB approves $170 mn loan to strengthen health system in India

● Multi-lateral development lender Asian Development Bank (ADB) approved a USD 170 million
(over Rs 1,418 crore) policy-based loan to improve India's health system preparedness and
capacity to respond to future pandemics.
● The Strengthened and Measurable Actions for Resilient and Transformative Health Systems will
support the government's National Health Policy 2017, which aims to provide quality health care
services to all, ADB stated in a statement.
● This policy-based loan will help fill the gaps in policy, legislative, and institutional governance and
structures and contribute to India's goal of providing universal access to quality and affordable
healthcare services to strengthen pandemic preparedness and response, it stated.
● The programme will strengthen disease surveillance systems to effectively respond to public
health threats.

About Asian Development Bank:

● Formation: 19 December 1966

● Headquarters: Manila, Philippines
● Membership: 68 Countries
● President: Masatsugu Asakawa (from 17 January 2020)
IPPB ties with Ria Money Transfer to set up 25,000 centres

● India Post Payments Bank (IPPB) announced a partnership with Ria Money Transfer to facilitate
international remittances, particularly for rural customers. The service will include doorstep cash
delivery.
● The collaboration with Ria Money, which is part of Euronet Worldwide Inc., will enable
international inward money transfer services at over 25,000 post offices with immediate effect.
● IPPB plans to expand the services to over 100,000 locations owned by India Post.
● Around 50-60% of the new centres would be set up in top states.
● The move aims to expand IPPB's digital payment channels to serve its 90 million customers.
● Transactions by IPPB customers have increased tenfold to 10 million per day over the past three
and a half years, with 80-90% of these transactions serving its rural customer base, and 5-10%
catering to semi-urban areas.
● According to IPPB data, Singapore and Malaysia are the top countries for remittances to India.
● To ensure paperless doorstep delivery of remittances to customers, Ria Money Transfer and
IPPB are training postmen using modules on biometric systems.

About India Post Payment Bank:

● Formation: 30 January 2017

● Headquarters: New Delhi, India
● Under: India Post, Department of Post, Ministry of Communications, Government of India
● MD & CEO: Shri. R. Viswesvaran

About Ria Money Transfer:

● Formation: 1987
● Headquarters: California, US
● CEO: Juan Bianchi

Securities and Exchange Board of India Strengthens Initial Public Offering Pricing Rules to Prevent
Manipulation
● The Securities and Exchange Board of India (SEBI) has imposed additional measures and
 surveillance to curb manipulation in the process involved in computing the opening price for a
stock on the day of its listing following an initial public offering (IPO).
● The measures aim to enhance the surveillance mechanism at stock exchanges and ensure fair
and transparent trading practices during the pre-open call auction sessions for IPOs and relisted
stocks.
What is an Initial Public Offering?
● Initial Public Offering (IPO) is the process by which private companies sell their shares to the
public intending to raise equity capital from public investors.
Key Highlights :
● Duration and Structure of New Session:The new pre-auction session lasts 60 minutes from 9 am
to 10 am.
● The session is divided as follows:
➢ 45 minutes: Order entry, order modification, and order cancellation.
➢ 10 minutes: Order matching and trade confirmation.
➢ 5 minutes: Buffer period to transition from pre-open to normal trading session.
● Implementation Timeline:The new rules will take effect after 90 days from the issuance of the
SEBI circular.
● Reason for Changes: Addressing issues related to the cancellation of large orders placed at
higher prices just before the call auction session closes, which could create false demand and
supply, potentially manipulating stock prices.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.

Tata Communications Secures $250 Million Sustainability Loan from DBS, ANZ, and EDC

● Tata Communications has secured a $250 million sustainability-linked loan (SLL) from ANZ, DBS
 Bank, and Export Development Canada (EDC).
● The loan has a maturity period of 5 years.
● Purpose and Focus : To support Tata Communications in achieving carbon emission reduction
targets, which are critical for its long-term sustainability performance.
● Coordination and Framework:ANZ acted as the lead sustainability coordinator for the loan.
● DBS Bank and EDC served as joint sustainability coordinators.
● Sustainability-linked loans (SLLs) tie the interest rate to the borrower's achievement of predefined
sustainability targets or performance metrics.
About Tata Communications Limited :
● Founded : March 1986
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Amur Swaminathan Lakshminarayanan

Government Seeks Exemption for Sovereign Funds from Reserve Bank of India's Alternate Investment
Fund Regulations-Sources Report
● The Indian government has requested the Reserve Bank of India (RBI) to exempt sovereign
funds from the recent tightened rules on investments in alternate investment funds (AIFs).
● In December,2023 RBI mandated banks and non-banking financial companies to increase
provisions for AIF investments, including those involving sovereign funds, particularly if they were
lenders to the projects funded by these AIFs.
● These rules were aimed at preventing the evergreening of loans but were partially relaxed in
March.
● The government has written to the RBI seeking special dispensation for sovereign-backed funds
– including a fund called Special Window for Affordable and Mid-Income Housing (SWAMIH) set
up to rescue stressed real estate projects, citing its “socio-economic purpose”.
About SWAMIH :
● SWAMIH, set up in 2019 to provide debt financing for stalled housing projects, is managed by
SBICAP Ventures, a wholly-owned subsidiary of the government-owned State Bank of India
(SBI).
What are the alternative investment funds?
● Alternative Investment Fund or AIF is a privately pooled investment vehicle that invests in
 alternative asset classes such as private equity, venture capital, hedge funds, real estate,
commodities, and derivatives.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das

Indian Deposits in Swiss Banks Drop by 70% to Reach 4-Year Low of ₹9,771 Crore

● Funds parked by Indian individuals and firms in Swiss banks, including through local branches
and other financial institutions, fell sharply by 70% in 2023 to a 4-year low of 1.04 billion Swiss
Francs (₹9,771 crore), annual data from Switzerland's central bank showed .
● This decline marks the second consecutive year of reduction, following a peak of CHF 3.83 billion
in 2021.
● It reflects a downward trend since its peak in 2006, except for intermittent increases in certain
years.
● These are official figures reported by banks to the Swiss National Bank (SNB) and do not
indicate the quantum of the much-debated alleged black money held by Indians in Switzerland.
● Global Rankings and Assets:India ranked 67th in terms of funds held by foreign clients in Swiss
banks, down from 46th place in 2022.
● Assets held by Indian clients in Swiss banks decreased by 63% in 2023, marking the lowest level
in over two decades.
● Comparison with Other Countries:While the United Kingdom (UK) topped the charts for foreign
clients' money in Swiss banks at CHF 254 billion, it was followed by the US (CHF 71 billion) at
the second spot and France (CHF 64 billion) at the third place.
● These three were followed in the top 10 by West Indies, Germany, Hong Kong, Singapore,
Luxembourg and Guernsey.
● Pakistan also saw a dip to CHF 286 million (from CHF 388 million), while Bangladesh witnessed
a sharp plunge from CHF 55 million to CHF 18 million.

Pension Fund Regulatory and Development Authority to Launch New Life Cycle Fund Option by
September
● Pension Fund Regulatory and Development Authority (PFRDA) chairman Deepak Mohanty
announced that the regulator would introduce new life cycle fund options with up to 50% equity
by September for NPS (non-government) subscribers.
What Is a Life-Cycle Fund?
● Life-cycle funds are asset-allocation funds in which the share of each asset class is automatically
adjusted to lower risk as the desired retirement date approaches.
● Changes to NPS : The tapering age will be increased to 45 years from the existing 35 years and
some more changes will be adopted to provide greater exposure to equity markets.
● The new scheme will be effective in the next quarter, maybe in August or September.
● Current NPS Choices:Currently, the National Pension System (NPS) offers two choices-active
and auto to subscribers for creating the pension portfolio.
➢ Active Choice: Subscribers decide allocation across equity, corporate bonds, and
government securities.
➢ Auto Choice: Three options: Aggressive fund (75% equity), Moderate fund (50% equity),
Conservative fund (25% equity).
● Equity allocation starts tapering off after age 35, with a maximum of 20% equity at age 50 and
15% by age 55.
● Atal Pension Yojana (APY) Updates : APY saw 1.24 crore new subscribers in 2023-24, with 52%
being women.
● Total APY subscribers now stand at 6.6 crore since inception, gaining popularity among women
and the younger generation.
● It is the highest ever in a fiscal year since the scheme's inception.
About PFRDA :
● Established : 2003
● Headquarters : New Delhi, Delhi
● Chairman : Deepak Mohanty
● PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
● It operates under the jurisdiction of the Ministry of Finance in the Government of India.
● It was established based on the recommendations of the Indian government Old Age Social and
Income Security (OASIS) report and was part of the establishment of the Indian National Pension
 Scheme.

State Bank of India reports Rs 26 trillion formalised into India's economy during FY16-FY23
● According to a report released by the State Bank of India (SBI), India has formalised Rs 26 trillion
of its economy between FY16 and FY23, as the share of the informal economy fell to 23.7% from
25.9% during the 7-year period.
● The report estimated the share of the informal economy by using the recently released Annual
Survey of Unincorporated Sector Enterprises (ASUSE).
● Assuming manufacturing as a proxy for industry gross value added (GVA) and trade and other
services sector for services GVA, the size of the total informal economy has declined in these 7
years.
● Growth in Informal GVA:Total informal Gross Value Added (GVA) increased significantly from Rs
18.6 trillion in FY16 to Rs 58.4 trillion in FY23.
● Informal agriculture contributed the highest at Rs 43 trillion, followed by informal services (Rs
11.8 trillion) and informal industry (Rs 3.6 trillion) in FY23.
● Share of Informal Sectors in GVA:Informal agriculture's share in total GVA rose to 95.9% in FY23
from 94.8% in FY11.
● Approximately 44% of India's population spends less than $3.65 per day according to World
Bank data.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti

Insurance Regulatory and Development Authority of India Directs Insurance Companies to Cease
Selling ULIPs as Investment Products
● The Insurance Regulatory and Development Authority of India (IRDAI) has instructed life
insurance companies not to market unit-linked Insurance plans (ULIPs) as investment products.
What is the meaning of Unit Linked Insurance Plan?
● A ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term
 goals, and a life cover` to financially protect your family in case of an unfortunate event.
● According to IRDAI, which has issued the Master Circular on Protection of Policyholders’
Interests, Operations, and Allied Matters of Insurers Regulations, 2024, this data will be available
in one portal along with the individual websites of the insurers.
● Grievance Redressal Mechanism :Insurers must establish a tech-based, robust mechanism for
grievance redressal to achieve efficient and speedy resolutions, aiming for "zero grievances."
About IRDAI :
● Established : 1999
● Headquarters : Hyderabad, Telangana
● Chairperson : Debasish Panda
● The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.

State Bank of India Distributes Rs 6,959 Crore Dividend to Government; Bank of Maharashtra Provides
Rs 857 Crore for FY24
● The country's biggest lender State Bank of India (SBI) paid a dividend of Rs 6,959 crore for the
financial year 2023-24 to the government.
● The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman
Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi.
● SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, higher than Rs
11.30 per equity distributed for the previous year.
● State-owned Bank of Maharashtra (BoM) presented Rs 857 crore dividend cheque to Finance
Minister Nirmala Sitharaman.
● The bank declared a dividend of Rs 1.40 per equity share (14 per cent) for FY24.
● The Government of India holds an 86.46 per cent stake in the Pune-based bank.
About BoM :
● Founded : 16 September 1935
● Headquarters : Pune, Maharashtra India
● MD & CEO : Nidhu Saxena
● Tagline : One Family One Bank
SBI Mutual Fund to Launch Silver ETF and Fund-of-Fund; New Fund Offer Begins June 27, 2024
● SBI Mutual Fund announced the launch of the SBI Silver Exchange Traded Fund (ETF) and the
fund of fund route to it- SBI Silver ETF Fund of Fund.
● The NFO for these funds opens on June 27,2024 with a minimum application amount of ₹5,000
per application.
● Investment Strategy:SBI Silver ETF: This ETF will primarily invest between 95-100% in silver and
silver-related instruments.
● SBI Silver ETF Fund of Fund: This fund will invest between 95-100% of its assets in units of SBI
Silver ETF.
● The remaining assets will be invested in Government securities, tri party repo, and units of liquid
mutual funds.
About SBI Mutual Fund :
● Founded : 29 June 1987
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Shamsher Singh
● It is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a
European asset management company.

India and Cambodia Discuss Investment Treaty and UPI Collaboration to Boost Trade and Tourism
● India and South East Asian nation Cambodia are negotiating collaboration in Unified Payment
Interface-based (UPI) digital payment to promote trade and tourism.
● Both sides also deliberated upon diversification of the trade basket by identifying new products,
bilateral investment treaty, recognition of Indian pharmacopoeia and collaboration in the pharma
sector.
● These issues among others were discussed during the second meeting of the India-Cambodia
Joint Working Group on Trade and Investment (JWGTI), in New Delhi on June 19, 2024.
● The meeting was co-chaired by the Joint Secretary, Department of Commerce, Ministry of
Commerce and Industry, Government of India, Siddharth Mahajan and Director General for
International Trade, Ministry of Commerce, Kingdom of Cambodia, Long Kemvichet.
● Pharmacopoeia is a set of standards and quality specifications for ingredients, preparation and
 dosage forms of medicines manufactured, sold, consumed and exported in a country.
● Indian Pharmacopoeia Commission (IPC) is an autonomous institution under the Ministry of
Health and Family Welfare which sets standards for all drugs that are manufactured, sold and
consumed in India.
● The JWGTI was first held in July 2022 virtually.
● This was the first physical meeting after it was institutionalised.
● Cambodia is a member of the 10-nation Asean bloc.
● Asean (Association of southEast Asian Nations) members include Brunei, Cambodia, Indonesia,
Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
● India has a free trade agreement with Asian and it was implemented in 2009.
About Cambodia :
● Prime Minister : Hun Manet
● President : Hun Sen
● Capital : Phnom Penh
● Currency : Cambodian riel

Banks Bid Rs 1.6 Trillion in Variable Rate Repo Auction Amid Tightening Liquidity
● The Reserve Bank of India (RBI) received bids worth Rs 1.6 trillion from banks against the
notified amount of Rs 1 trillion at the variable rate repo (VRR) auction, showing the high demand
for cash from lenders due to tight liquidity.
● Banks borrowed the amount at a weighted average rate of 6.62%.
● This tightness in liquidity is temporary and the situation will improve in the next couple of weeks.

Reserve Bank of India updates guidelines for priority sector lending

● The Reserve Bank of India (RBI) has revised its priority sector guidelines to encourage banks to
provide small loans in economically disadvantaged districts with low average loan sizes.
● The new norms discourage lending in districts with high average loan sizes.
● Weightage System Implementation:Effective from FY25, fresh priority sector loans in districts
with low loan availability (less than Rs 9,000 per person) will receive a weightage of 125%.
● In districts with high loan availability (more than Rs 42,000 per person), the weightage for loans
 will be reduced to 90%.
● Majority of districts, except outliers with low or high credit availability, will retain the current
weightage of 100%.
● District Ranking and Incentive Framework:Districts will be ranked based on per capita credit flow
to the priority sector.
● An incentive framework will be established for districts with lower credit flow to the priority sector
to encourage more lending.
● Conversely, a disincentive framework will apply to districts with higher priority sector credit flow to
regulate lending.

China urges Visa and Mastercard to reduce transaction fees

● China is pushing for Visa and Mastercard to lower their bank card transaction fees in the country
to encourage spending by foreign visitors.
● The Payment & Clearing Association of China is proposing lowering the fees charged on foreign
card transactions to 1.5% from between 2% and 3%.
● Currently, merchants bear the transaction fees imposed by Visa and Mastercard, often passing
these costs to customers through higher prices.
● Financial Market Impact:Both Visa and Mastercard stocks have seen positive performance in the
current year, with each gaining over 6%.
About Visa :
● Founded : September 18, 1958
● Headquarters : San Francisco, California, United States
● CEO : Ryan McInerney
About Mastercard :
● Founded : 1966
● Headquarters : New York, United States
● CEO : Michael Miebach
Reserve Bank of India Announces URL Update for 'Database on Indian Economy' Portal
● The Reserve Bank of India (RBI) has announced an update to its 'Database on Indian Economy'
(DBIE) portal.
 ● The domain address for accessing the portal will change to https://data.rbi.org.in, as per an RBI
press release.
● The DBIE portal has been a cornerstone of public access to economic data since its launch on
November 1, 2004.
● It now serves as an expansive repository for a wide range of economic and financial statistics,
including regular and ad hoc statistical publications.
● The portal also hosts the ‘SAARC Finance Database’ and the ‘Banking Outlet Locator’.
● It is an integrated repository of current and historical data, and is frequently accessed by citizens
as well as Indian and global analysts and researchers.
● The introduction of the Centralised Information Management System (CIMS) in June 2023
marked an enhancement to the RBI's data management capabilities.

Government Considers Establishing New Bank to Address Credit Gap for Micro, Small and Medium
Enterprises
● The government is considering a proposal to set up a separate bank for direct lending to the
micro, small and medium enterprises (MSMEs) to deepen credit flows to the under-penetrated
sector and thereby boost economic activity and job creation.
● Large banks don’t understand the requirements of the MSMEs.
● Current Credit Scenario:Currently, the Small Industries Development Bank of India (SIDBI)
largely provides refinancing to banks that lend to MSMEs, which helps reduce the cost of finance
for these units.
SIDBI Background:
➢ Established under an Act of Parliament in 1990.
➢ Majority shareholders include the Government of India (20.85%), State Bank of India (15.65%),
Life Insurance Corporation of India (13.33%), and National Bank for Agriculture and Rural
Development (9.36%).
➢ Accesses low-cost funds provided by banks against shortfalls in meeting their priority sector
lending (PSL) targets.
➢ Micro and small enterprise (MSE) Refinance allocation for FY24 was Rs 84,000 crore.
What do you mean by MSME?
● MSME was introduced by the Government of India in agreement with the MSMED (Micro, Small,
 and Medium Enterprises Development) Act of 2006.
● As per this act, MSMEs are the enterprises involved in the processing, production, and
preservation of goods and commodities.
Classification of MSMEs?

CLASSIFICATION Micro Small Medium

Manufacturing Investment in Plant Investment in Plant Investment in Plant

Enterprises and and Machinery or and Machinery or and Machinery or
Enterprises Equipment: Equipment: Equipment:
rendering Services
Not more than Rs.1 Not more than Rs.10 Not more than Rs.50
crore and Annual crore and Annual crore and Annual
Turnover ; not more Turnover ; not more Turnover ; not more
than Rs. 5 crore than Rs. 50 crore than Rs. 250 crore

What is Credit Penetration?

● Credit penetration is a metric that assesses the proportion of a population utilizing credit cards or
other credit products.
● It serves as an indicator of financial inclusion and can be evaluated alongside other metrics such
as branch penetration and deposit penetration.
About Small Industries Development Bank of India :
● Headquarters : Lucknow, Uttar Pradesh, India
● Chairman & MD : Sivasubramanian Ramann
● The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and
medium enterprise finance companies in India.
● It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).

Reinsurance and Coinsurance Exempt from Taxation

● The Goods and Services Tax (GST) Council has clarified that reinsurance and coinsurance are
not considered as the supply of a service and hence are not liable for GST.
● This spells a significant breather to insurance companies facing thousands of crores in tax
demands.
 ● This decision provides relief to insurance companies facing tax demands amounting to
approximately Rs 12,000 crore.
What is coinsurance and reinsurance?
● Coinsurance, in this instance, refers to insurers sharing insurance-bearing liabilities.
● Reinsurance is the cover an insurer buys to insure itself through the payment of premiums.
● Background and Industry Concerns:The Directorate General of Goods and Services Tax
Intelligence (DGGI) had issued notices to about 20 insurance companies for non-payment of
GST on coinsurance and reinsurance premiums.
● The General Insurance Council had lobbied the government for clarity, arguing that GST should
be levied only once in the insurance chain to avoid double taxation.
● GST Council's Decision:The GST Council clarified that coinsurance premiums apportioned by the
lead insurer to the coinsurer for supplying insurance services are considered "no supply" under
Schedule III of the CGST Act, 2017.
● Exemption of compensation cess on imports at special economic zones for authorized
operations, effective from July 1, 2017.

SBI Chairman Dinesh Kumar Khara Announces Plan to Establish 400 New Branches Nationwide in
FY25
● As a part of the network expansion plan, State Bank of India (SBI) is planning to open 400
branches across the country in the current financial year.
● The country's biggest lender opened 137 branches last fiscal.
● Of the total, 59 new rural branches were launched.
● SBI has a network of 22,542 branches across the country as of March 2024.
● SBI Payment Services Private Limited: SBI Payment Services Private Limited, which is in the
merchant acquiring business, is 74% owned by SBI, while the remaining stake is with Hitachi
Payment Services.

Insolvency and Bankruptcy Board of India to Strengthen Creditors' Rights over Personal Guarantors
● The Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to the
Insolvency Resolution Process for Corporate Process regulations, to enhance efficiency and
reduce costs, and sought stakeholder inputs by July 10, 2024.
 ● These amendments are expected to enhance the efficiency and transparency of the Corporate
Insolvency Resolution Process (CIRP), and benefit creditors and other stakeholders involved in
the CIRP.
● Valuation for Small Entities : For companies with an asset size of up to Rs 1,000 crore and micro,
small and medium enterprises (MSMEs), the board proposes to appoint only one registered
valuer for providing the estimates of the fair value and the liquidation value.
About IBBI :
● Headquarters : New Delhi, Delhi
● Chairman : Ravi Mittal
● Parent Department : Ministry of Corporate Affairs
● The IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency
Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
● It was established on 1 October 2016 and given statutory powers through the Insolvency and
Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.

Five Public Sector Banks Expected to Launch Qualified Institutional Placements (QIPs) in FY25 to Meet
SEBI Requirements
● Five state-owned banks(UCO Bank, Central Bank of India, Punjab & Sind Bank, Bank of
Maharashtra, and Indian Overseas Bank) are planning qualified institutional placements or QIPs
in the second half of FY25 to reduce the government's stake to comply with the Securities and
Exchange Board of India’s (SEBI) mandate of a maximum 75% government holding.
● The quantum of share sale is expected to be between 5% and 10% of the bank's paid-up equity
capital initially, with further sales staggered over the next two years.
● Public Shareholding Compliance:PSBs have sought a two-year extension from SEBI to achieve
the 25% minimum public shareholding requirement, similar to the extension granted to LIC to
achieve 10% public shareholding by May 2027.
● Current Public Shareholding: Public shareholding in the five PSBs (UCO Bank, Central Bank of
India, Punjab & Sind Bank, Bank of Maharashtra, and Indian Overseas Bank) ranges from 1.75%
to 13.54%.

Securities and Exchange Board of India Considers Stricter Scrutiny for Stocks Entering Futures &
Options Segment
● The Securities and Exchange Board of India (SEBI) will consider a proposal to tighten rules on
the inclusion of stocks in the derivatives segment at its board meeting on June 27, 2024.
● The focus is on addressing concerns about excessive and risky trading in illiquid equity
derivatives.
● Background and Consultation:In the June 8, 2024 consultation paper, Sebi sought feedback on
revising eligibility criteria for stocks in futures and options (F&O).
● Objective is to ensure stocks in derivatives are liquid and traded widely to mitigate manipulation
risks.
What are F & O (futures and options)?
● Futures and options are the major types of stock derivatives trading in a share market.
● These are contracts signed by two parties for trading a stock asset at a predetermined price on a
later date.
● Such contracts try to hedge market risks involved in stock market trading by locking in the price
beforehand.

Insurer Niva Bupa Plans $360-million Initial Public Offering : Reuters Report
● Indian health insurer Niva Bupa Health Insurance Company Limited (Niva Bupa) plans to raise
$360 million through an Initial Public Offering (IPO).
● The IPO could potentially value Niva Bupa at up to $2.5 billion.
What is an Initial Public Offering?
● Initial Public Offering (IPO) is the process by which private companies sell their shares to the
public intending to raise equity capital from public investors.
● Fund Allocation Use of Funds:
➢ $96 million will be raised by issuing new shares.
➢ $264 million worth of shares will be sold by existing investors.
About Niva Bupa :
● Founded : 2008
● Headquarters : New Delhi, India
● It is a joint venture between Fettle Tone LLP (an affiliate of True North Fund VI LLP), an Indian
private equity firm, and the UK-based healthcare services expert, Bupa Singapore Holdings Pte.
 Limited.

Kotak Mahindra Bank Plans to Open Up to 200 New Branches in FY25

● Kotak Mahindra Bank plans to open approximately 175 to 200 new branches in the financial year
2024-25.
● This decision comes after the Reserve Bank of India (RBI) restricted the bank from acquiring new
customers through digital channels.
● In April 2024 the RBI barred Kotak Mahindra Bank from adding new customers via its online and
mobile banking platforms.
About Kotak Mahindra Bank :
● Founded : 1985
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Ashok Vaswani
● Tagline : Let's make money simple

Paytm Expands Travel Reach, Forms Partnerships with Skyscanner and Google Flights
● One97 Communications (parent company of Paytm) has partnered with global travel aggregators
including Skyscanner, Google Flights, and Wego to expand its presence in the travel segment.
● These partnerships aim to enhance Paytm's travel booking capabilities and offerings.
● Paytm has onboarded three new international carriers: Cambodia Angkor Air, SalamAir, and
FlyDubai.
● This expansion is in response to a 19% year-on-year increase in flight bookings on Paytm Travel
during Q4FY24.
● The initiative initially included Singapore Airlines and Qatar Airways on the NDCx platform, and
expanded with the recent onboarding of Eva Airways.
About Paytm :
● Founded : August 2010
● Headquarters : Noida, Uttar Pradesh, India
● Founder & CEO : Vijay Shekhar Sharma

Canara Bank's official X account breached, investigation in progress

 ● Canara Bank, one of the country’s prominent public sector banks, has issued a notice confirming
the hacking of their official X handle.
● The concerned teams are investigating the matter and working closely with X to regain access to
Canara Bank's X handle at the earliest.
● X will hand over control of the page to the bank only after completing Standard Operating
Procedure (SOP).
About Canara Bank :
● Established : 1906
● Headquarters : Bengaluru, Karnataka, India
● MD & CEO : K. Satyanarayana Raju
● Tagline : Together We Can
Banks Request Clarity from Reserve Bank of India Regarding Credit Card Network Regulations
● Several banks have sought clarity from the Reserve Bank of India (RBI) regarding the
implementation of guidelines issued on March 6,2024 which mandate offering customers the
option to choose from multiple card networks for credit cards.
● The RBI's directive requires banks and non-banking financial companies (NBFCs) to provide this
choice both at the time of issuance and renewal.
● Objective of the Guidelines: To promote customer choice and eliminate exclusive agreements
between card issuers and networks.
● This directive will take effect from September 6, 2024.
● Applicability:The RBI guidelines will be applicable to only those credit card issuers with a number
of active cards issued greater than 10 lakh and exempt card issuers who issue credit cards on
their own authorised card network.
● Provisions of the Guidelines:Card issuers must allow eligible customers to choose from multiple
card networks (e.g., Diners Club International, MasterCard, NPCI-Rupay, Visa) at the time of
initial issuance.
● Major issuers like HDFC Bank, SBI Card, ICICI Bank, and Axis Bank fall under this category.

ICICI Bank Market Cap Surpasses $100 Billion, Becomes 6th Indian Company to Achieve Milestone
 ● ICICI Bank’s market capitalization crossed the $100 billion mark for the first time.
● It became the 6th Indian company to achieve this milestone.
● ICICI is the second-largest bank in India by market capitalization, after HDFC Bank.
● It is also the fifth-largest entity by market value.
● In December 2020, ICICI Bank's market capitalisation crossed $50 billion, and within 10 months,
it exceeded $75 billion in October 2021.
● Currently, Reliance Industries is leading the list with a market capitalisation of $236 billion,
followed by TCS with a market value of $166 billion.

Other Companies in the $100 Billion Club:

● ICICI Bank joins Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, and
Infosys.
About ICICI Bank :
● Established : 5 January 1994
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sandeep Bakhshi

Reserve Bank of India Reports 2.1 Percentage Point Decline in Short-Term Debt's Share of Total
External Debt
● At the end of March 2024, India’s external debt was US$ 663.8 billion, an increase of US$ 39.7
billion over the end of March 2023.
● Excluding the valuation effect of US$ 8.7 billion due to the appreciation of the US dollar, the
external debt increase would have been US$ 48.4 billion.
● Debt to GDP Ratio:The external debt to GDP ratio declined to 18.7% at the end of March 2024
from 19.0% at the end of March 2023.
● Long-Term Debt:Long-term debt (original maturity above one year) was US$ 541.2 billion at the
end of March 2024, an increase of US$ 45.6 billion over the end of March 2023.
● Short-Term Debt:The share of short-term debt (original maturity up to one year) in total external
debt declined to 18.5% at end-March 2024 from 20.6% at end-March 2023.
● Short-term debt on a residual maturity basis constituted 42.9% of total external debt and 44.1%
of foreign exchange reserves at the end of March 2024, down from 44.0% and 47.4%,
 respectively, at the end of March 2023.
● Currency Composition:
➢ US dollar-denominated debt: 53.8% of total external debt.
➢ Indian rupee-denominated debt: 31.5%.
➢ Yen-denominated debt: 5.8%.
➢ Special Drawing Rights (SDR): 5.4%.
➢ Euro-denominated debt: 2.8%.
● Debt by Sector:
➢ The share of outstanding debt for non-financial corporations: 37.4%.
➢ Deposit-taking corporations (except the central bank): 28.1%.
➢ General government: 22.4%.
➢ Other financial corporations: 7.3%.
● Debt Components:
➢ Loans: 33.4% of total external debt.
➢ Currency and deposits: 23.3%.
➢ Trade credit and advances: 17.9%.
➢ Debt securities: 17.3%.
● Debt Service:Debt service obligations (principal and interest payments) increased to 6.7% of
current receipts at the end of March 2024 from 5.3% at the end of March 2023.

Ixigo and PhonePe Expand Partnership to Include Flight and Bus Booking Services

● Travel booking platform ixigo has expanded its exclusive partnership with PhonePe to offer flight
and bus bookings on the fintech platform's app.
● Previously, the partnership focused on providing booking services for trains.
● The expanded partnership aims to provide a more comprehensive travel booking experience for
over 54 crore PhonePe users.
About ixigo :
● Founded : June 2007
● Headquarters : Gurugram, Haryana, India
● Chairman, MD & Group CEO : Aloke Bajpai
About Phonepe :
● Founded : 2015
● Headquarters : Bengaluru, Karnataka, India
● CEO : Sameer Nigam

Securities and Exchange Board of India Releases Guidelines on Structure and Responsibilities of
Market Infrastructure Institutions Committees

● Markets regulator Securities and Exchange Board of India (SEBI) revised its oversight framework
for stock exchanges and other market infrastructure institutions (MIIs), defining the structure and
responsibilities of various statutory committees to enhance governance.
● These guidelines are on the recommendations of Sebi's Committee on Strengthening
Governance of MIIs.
● Categories of Statutory Committees: Statutory committees of MIIs are categorized into functional,
oversight, and investment committees.
● Functional committees include Member Committee, Nomination and Remuneration Committee,
Oversight Committees, Standing Committee on Technology Regulatory Oversight Committee,
Risk Management Committee, and Investment Committee.
● Composition Guidelines:Committees should include Key Management Personnel (KMP), Non-
Independent Directors (NIDs), Independent External Professionals (IEPs), and Public Interest
Directors (PIDs).
● Implementation Timeline:The new guidelines will be effective within 30 days of the issuance of
the circular by Sebi.

Reserve Bank of India Reports Current Account Balance Records Surplus of 0.6% of GDP in Q4 FY24
● India's current account recorded a surplus of $5.7 billion, equivalent to 0.6% of gross domestic
product (GDP), in the January-March 2024 quarter.
● This marks a significant improvement from a deficit of $1.3 billion (0.2% of GDP) in Q4 FY2023
and a deficit of $8.7 billion (1% of GDP) in Q3 FY24.
What is the meaning of current account deficit?
● The current account deficit is the difference between exports and imports of goods and services.
 ● It is a key indicator of the country’s external sector.
● Full-Year Current Account Deficit (FY24):For the full fiscal year FY24, India's current account
deficit moderated to $23.2 billion, or 0.7% of GDP, down from $67 billion (2% of GDP) in FY23.
● Foreign Exchange Reserves:India's foreign exchange reserves increased by $30.8 billion in Q4
FY24 on a balance of payments basis, reflecting a robust accretion.

Co-Lending Committee Set to Submit Report to Finance Ministry in July 2024

● The Department of Financial Services (DFS) under the finance ministry instructed the State Bank
of India (SBI) to form a committee on co-lending in May 2024.
● The committee aims to encourage co-lending partnerships between commercial banks and non-
banking financial companies (NBFCs) by addressing business model issues.
● Composition and Leadership:The committee is chaired by Surender Rana, Deputy Managing
Director of SBI.
● It includes representatives from Punjab National Bank, Union Bank of India, Central Bank of India
(from the banking sector), and 3 NBFCs.
● NBFCs are required to retain a minimum of 20% share of individual loans on their books as per
regulatory norms.
What is meant by co-lending?
● Co-lending is an arrangement where multiple lenders partner to provide loans to borrowers.
● This helps increase lending capacity and reduces risk for individual lenders.
● Each lender sets their own terms and conditions.
● Co-lending is used in various industries like real estate, small business loans, and personal
loans.
About Ministry of Finance :
● Cabinet Minister : Nirmala Sitharaman
● Minister of State: Pankaj Choudhary
● Finance Secretary : T. V. Somanathan

S&P Maintains India's FY25 GDP Growth Projection at 6.8%, Below RBI Forecast
● S&P Global Ratings retained India's Gross Domestic Product (GDP) growth forecast for the
current financial year (FY 2024-25) at 6.8%.
 ● High interest rates and lower fiscal spur are tempering demand in non-agricultural sectors,
influencing the growth forecast.
● This forecast is lower than the Reserve Bank of India's (RBI) projection of 7.2% growth for the
same period.
● Previous Fiscal Year Performance:India's economy grew by 8.2% in the fiscal year 2023-24,
exceeding expectations.
● Future Projections:For FY 2025-26 and FY 2026-27, S&P projected growth rates of 6.9% and
7%, respectively.
● Comparison with Other Agencies:
➢ Fitch estimates India's growth at 7.2% for FY 2024-25.
➢ The Asian Development Bank (ADB) estimates a 7% growth rate.
➢ Moody's Ratings and Deloitte India project a 6.6% growth rate.
➢ Morgan Stanley forecasts a 6.8% growth rate.
About S&P Global Ratings :
● Headquarters : New York City, New York, United States.
● President : Martina Cheung
● S&P Global Ratings, previously known as Standard & Poor's, is an American credit rating agency
(CRA) and a division of S&P Global.
● It publishes financial research and analysis on stocks, bonds, and commodities.

State Bank of India Secures ₹10,000 Crore Through 15-Year Infrastructure Bonds at 7.36% Interest
Rate
● The State Bank of India (SBI) has raised Rs 10,000 crore through 15-year infrastructure bonds to
fund projects in sectors like power, roads etc.
● The coupon rate for bonds is 7.36%.
● With the current issuance, the total outstanding Long-Term Bonds issued by the country’s largest
bank is at Rs 49,718 crore.
● The issuance will help in developing a long-term bond curve and encourage other banks to issue
bonds of longer tenor.
● Regulatory Exemptions:The funds raised through infrastructure bonds are exempt from
regulatory reserve requirements such as Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio
 (CRR).

Securities and Exchange Board of India Provides Flexibility, Eases 'Trading Plan' Regulations for
Insiders
● The Securities and Exchange Board of India (Sebi) has made it significantly easier for insiders to
trade in shares of their companies by amending the Prohibition of Insider Trading (PIT)
regulations.
● The amended norms provide flexibility in the ‘trading plan’ of a company’s key managerial
personnel and will come into effect after 3 months.
Definition of Insiders:
● Insiders are individuals within a company who have access to Unpublished Price-Sensitive
Information (UPSI), typically senior management and officials.
Key Amendments:
● Reduction in Cooling-Off Period: The time required for insiders to inform the board about their
buy/sell decision has been reduced from six months to four months.
● Price Limits: Insiders can now set price limits within a range of 20% (both upper and lower) from
the closing price on the day they submit the trading plan.
● Cancellation of Trading Plan: Insiders have the flexibility to cancel the trading plan.
● Execution Flexibility: They can choose not to execute trades if the execution price falls outside
the predetermined limits set in the trading plan.

DBS Group Forecasts India's Gross Domestic Product Growth of 7.1% in 2024
● DBS Group expects India's Gross Domestic Product (GDP) growth to be resilient at 7.4% for the
April-June 2024 quarter.
● This forecast is higher than the RBI's projection of 7.3% for the same period.
● For the entire calendar year 2024, DBS Group forecasts India's GDP growth at 7.1%.
● Current Account Trends : Narrowing Deficit (FY23 vs. FY24): DBS Group notes India's current
account deficit narrowed to -0.7% of GDP (approximately $23 billion) in FY24, an improvement
from -2.0% of GDP (around $67 billion) in FY23.
About DBS Bank Limited :
● Founded : 16 July 1968
 ● Headquarters : Singapore
● Chairman : Peter Seah
● CEO : Piyush Gupta

RBI Introduces 'Finquiry' Initiative for Direct Engagement of Fintechs with Regulator
● The Reserve Bank of India (RBI) has launched an exclusive 2-hour window called 'Finquiry’ for
fintechs to visit the FinTech department of the RBI in Mumbai, Maharashtra.
● Aim : To provide a platform for fintechs to seek clarity and discuss fintech-related queries directly
with RBI officials.
● RBI has opened the window from 26th June and this will be available on the last working
Wednesday of every month from 3 to 5 pm.

Federal Bank Introduces UPI-Enabled RuPay Wave Credit Card

● Federal Bank, in partnership with the National Payments Corporation of India (NPCI), has
launched the RuPay Wave Credit Card, which will allow customers to utilise Unified Payments
Interface (UPI)-powered transactions on the RuPay network.
● This card combines the features of RuPay credit cards with the functionality of UPI payments.
● Cardholders can link the RuPay Wave Credit Card to their UPI applications, enabling
transactions via mobile devices.
● In August 2023, SBI Card announced linking its credit cards on the RuPay platform with UPI, in
collaboration with NPCI.
About Federal Bank :
● Established : 23 April 1931
● Headquarters : Aluva, Kochi, Kerala, India
● MD & CEO : Shyam Srinivasan
● Tagline : Your Perfect Banking Partner
About NPCI :
● Founded : 2008
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Dilip Asbe
● The NPCI is an umbrella organization for operating retail payments and settlement systems in
 India.
● It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.

ACE Collaborates with Bank of Baroda for Construction Equipment Financing

● Action Construction Equipment Limited. (ACE), a prominent player in India’s construction
equipment manufacturing sector, has entered into a Memorandum of Understanding (MoU) with
Bank of Baroda (BoB) to facilitate financing solutions for construction equipment businesses.
● The MoU was signed by Mr. Manish Handa, VP & Business Head of the Earthmoving Equipment
Division at ACE, and Mr. Dhrubashish Bhattacharya, Head of MSME & Co-Lending at Bank of
Baroda.
What is meant by Equipment Financing?
● Definition: Equipment financing is a credit facility that helps businesses finance equipment and
machinery needs.
● Uses: Funds can be used to buy, lease, upgrade, or repair equipment quickly.
About Action Construction Equipment Limited :
● Founded : 1995
● Headquarters :Faridabad, Haryana, India
● Chairman & MD : Vijay Agarwal

SEBI Constitutes 15-Member Working Group to Review Derivative Trading Norms

● The Securities and Exchange Board of India (Sebi) has formed a working group to review
derivatives trading norms with an aim of enhancing investor protection and risk management.
● The 15-member panel will be headed by G Padmanabhan, former executive director of Reserve
Bank of India (RBI).
● Tasks Assigned : It will be tasked with market development and regulation to enhance risk
architecture of exchange-traded derivatives and investor protection.

Reserve Bank of India Highlights Concerns Over Delinquencies in Non-Banking Finance Companies
Consumer Credit
● While there has been an improvement in the overall credit quality of consumer credit, the
Reserve Bank of India's Financial Stability Report highlighted 3 areas of concern regarding
consumer loans from non-banking finance companies (NBFC).
● Delinquency Levels and Borrower Profiles:First, delinquency levels among borrowers with retail
loans below Rs 50,000 remain high.
● The report particularly pointed to NBFC-fintech lenders, which have the highest share in
sanctioned and outstanding amounts and also have the second highest delinquency levels, only
below that of small finance banks.
● Vintage Delinquency in Personal Loans:Second, vintage delinquency, which is a measure of
slippage, remains relatively high in personal loans at 8.2%.
● Borrower Behaviour and Loan Stacking:The third aspect, the report says, is that a little more than
half of the borrowers in this segment have three live loans at the time of origination and more
than one-third of the borrowers have availed more than three loans in the last six months.
What is delinquency in banking?
● If an account is delinquent, it means that payments have not been made on time.
● This can refer to things like credit card bills, loan payments, or utility bills.

AU Small Finance Bank Plans to Raise Rs 11,000 Crore Through Combination of Equity and Debt

● The board of directors of AU Small Finance Bank Limited. approved plans to raise Rs 11,000
crore through equity and debt instruments.
● Rs 5,000 crore will be raised through qualified institutional placement (QIP) and other modes,
subject to regulatory approvals.
● Another Rs 6,000 crore will be raised via debt instruments such as bonds and non-convertible
debentures, approved by the RBI.
About AU Small Finance Bank Limited :
● Founded : 1996
● Headquarters : Jaipur, Rajasthan, India
● MD & CEO : Sanjay Agarwal
● AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank and
 India’s largest tech-led small finance bank.

Reserve Bank of India Introduces SAARC Currency Swap Framework for 2024-2027
● The Reserve Bank of India (RBI), with the Government of India’s concurrence, has decided to put
in place a revised framework on currency swap arrangement for SAARC (South Asian
Association for Regional Cooperation) countries for the period 2024 to 2027.
● SAARC has 8 member countries (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal,
Pakistan and Sri-Lanka).
● INR Swap Window : Under the Framework for 2024-27, a separate INR Swap Window has been
introduced with various concessions for swap support in Indian Rupee.
● The total corpus of the Rupee support is ₹250 billion.
● USD/Euro Swap Window : The RBI will continue to offer swap arrangements in US$ and Euro
under a separate US Dollar/ Euro Swap Window with an overall corpus of US$ 2 billion.
● Currency Swap: A currency swap is an agreement in which two parties exchange the principal
amount of a loan and the interest in one currency for the principal and interest in another
currency.
About SAARC :
● Established : 8 December 1985
● Headquarters : Kathmandu, Nepal
● Secretary General : Golam Sarwar

Indian Banks' Non-Performing Loan Ratio Hits 12-Year Low: Reserve Bank of India Report

● According to the RBI's Financial Stability Report, the gross non-performing asset (GNPA) ratio of
Indian banks fell to a 12 year low of 2.8% in March 2024 and is expected to reduce further down
to 2.5% by the end of the financial year 2024-25.
What is the gross non-performing asset ratio for banks?
● This ratio refers to the proportion of the total value of bad loans, which are bank loans that are
unlikely to be repaid (also known as gross non-performing assets), to the total assets the bank
has or the total loans it has given.
● A lower GNPA ratio means the number of loans that may go unpaid are less and can be a
 positive indicator.
● In September, the ratio was 3.2%, highlighting a significant improvement now.
What is the net non-performing asset ratio for banks?
● The net non-performing asset (NNPA) ratio also declined to 0.6% this March, compared to 0.8%
last September.
● The NNPA ratio is the proportion of bad loans which the bank has actually created a provision
for, compared to the total assets of the bank.
● Stress Scenario:Under severe stress scenarios, GNPA ratios may increase:
➢ Public Sector Banks (PSBs): From 3.7% (March 2024) to 4.1% (March 2025).
➢ Private sector banks (PBs): From 1.8% to 2.8%.
➢ Foreign banks (FBs): From 1.2% to 1.3%.
About Financial Stability Report (FSR) :
● Published by RBI, the FSR assesses the resilience of the Indian financial system and identifies
risks to financial stability.
● It reflects the collective assessment of the Financial Stability and Development Council (FSDC)
Sub-Committee.

RBL Bank Plans to Raise ₹6,500 Crore Through Qualified Institutional Placement and Debt Securities
● Indian private lender RBL Bank will raise up to Rs 6,500 crore ($779 million) through a
combination of qualified institutional placement (QIP) of shares and debt sale.
● The bank will raise Rs 3,500 crore through QIP and Rs 3,000 crore through issue of debt
securities via private placement.
● This will be RBL's first share issue via institutional placement since 2021 when the bank saw an
abrupt management transition and the central bank increased scrutiny of the lender by
temporarily appointing a director on its board amid reports of a large share of unsecured
borrowing on its books.
Purpose of Fundraising:
● RBL Bank aims to bolster its capital base to support a targeted 20% growth in its loan book over
the next two financial years.
About RBL Bank :
● Established : August 1943
 ● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : R Subramaniakumar

National Council of Applied Economic Research’s Monthly Economic Review Projects FY25 Gross
Domestic Product Growth Near 7.5%
● The National Council of Applied Economic Research’s (NCAER) Monthly Economic Review
suggests that Gross domestic product (GDP) growth for 2024-25 (FY25) could range between
higher than 7% and close to 7.5%.
● This optimism is supported by strong economic activity in the first quarter, focused policy
initiatives on investment and growth, and expectations of a normal monsoon.
About NCAER :
● Established : 1956
● Headquarters : New Delhi
● President : Nandan M. Nilekani
● Director General : Poonam Gupta
● NCAER is India’s oldest and largest independent, non-profit, economic policy research think
tank.

Reserve Bank of India Increases Ways and Means Advances Limits for States/UTs by 28% to ₹60,118
Crore
● The Reserve Bank of India (RBI) increased the Ways and Means Advances (WMAs) limits (or
financial accommodation) of State governments and Union territories (UTs) by 28% to ₹60,118
crore from ₹47,010 crore (fixed in April 2022).
● The revised WMA limit is effective from July 1, 2024.
● Reason for Revision:The limits have been revised based on the recommendations made by the
group constituted by the RBI, consisting of select state finance secretaries to take account of the
expenditure data of states for recent years.
● The last review of WMA, Special Drawing Facility (SDF), and Overdraft (OD) schemes for state
governments/UTs was announced on April 1, 2022.
● SDF availed by state governments/UTs is linked to their investments in marketable securities
issued by the government, including auction treasury bills (ATBs).
 ● A State Government account can be in overdraft for a maximum of 14 consecutive working days
with a limit of 36 days in a quarter.
About WMAs :
● Definition and Purpose : WMA is a mechanism used by Reserve Bank of India (RBI) under its
credit policy to provide to States, banking with it, to help them tide over temporary mismatches in
the cash flow of their receipts and payments.
● Introduction and Legal Framework:The WMA scheme was introduced in 1997.
● Guided by Section 17(5) of the RBI Act, 1934.
● Advances are repayable within three months from the date of making the advance.
● Interest Rates:Interest is charged at the existing repo rate.
● If the WMA exceeds 90 days, it is treated as an overdraft, with an interest rate 2 percentage
points higher than the repo rate.
● Eligibility and Objective:Section 17(5) of the RBI Act allows the RBI to make WMA to both the
Central and State Governments.
● The objective is to bridge the interval between expenditure and receipts.
● Types of WMA:
➢ Normal WMA: Clean advances without any collateral.
➢ Special WMA (Special Drawing Facility (SDF)): Secured advances provided against the
pledge of Government of India dated securities.

Reserve Bank of India Reports Rs 3.4 Lakh Crore Increase in Home Loan Outstanding Over 12 Months
● Housing loan outstanding expanded at a faster pace even as the growth in the personal loan
segment decelerated on a year-on-year basis in May 2024.
● Accelerated Growth in Housing Loans:Housing loan outstanding grew by 16.9% (Rs 3.40 lakh
crore) to Rs 23.49 lakh crore in May 2024, compared to 13.8% (Rs 20.09 lakh crore) in May
2023.
● Moderation in Personal Loans:Growth in personal loans slowed to 17.8% (y-o-y) in May 2024
from 19.1% in May 2023, mainly due to decelerated growth in other personal loans.
● Sector-Specific Credit Growth:Agriculture and Allied Activities:Credit growth to agriculture and
allied activities accelerated to 21.6% (y-o-y) to Rs 21.39 lakh crore in May 2024, from 16.0% in
May 2023.
Reserve Bank of India Imposes ₹29.6 Lakh Fine on HSBC for Violating Credit Card Regulations

● The Reserve Bank of India (RBI) imposed a monetary penalty of ₹29.60 lakh on The Hongkong
and Shanghai Banking Corporation Limited (HSBC) for non-compliance with specific RBI
directions.
● Non-Compliance Details:HSBC failed to comply with RBI directions on ‘Credit Card, Debit Card,
and Rupee Denominated Co-branded Prepaid Card operations of Banks’, reiterated in the
‘Reserve Bank of India (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022’.
● Specifically, HSBC did not ensure proper calculation methods to prevent negative amortisation
while computing the Minimum Payment Due in certain credit card accounts.
● Regulatory Provisions:The penalty was imposed under Section 47A(1)(c) read with Section
46(4)(i) of the Banking Regulation Act, 1949.
What is Minimum Payment Due?
● The Minimum Payment Due (MPD) is the least amount that must be paid on a credit card bill
each month to avoid late fees and penalties.
● Typically, it is a percentage of the total outstanding balance on the credit card.
About HSBC :
● Founded: 3 March 1865
● Headquarters: London, United Kingdom

SEBI Increases Basic Demat Account Limit to Rs 10 Lakh to Encourage Participation

● Securities and Exchange Board of India (SEBI) increased the threshold for the Basic Services
Demat Account (BSDA) to Rs 10 lakhs from the current Rs 2 lakhs to boost participation of small
investors in the securities market.
● The new guidelines will come into force from September 1,2024.
● Objective : To encourage small investors to trade in the stock market and ensure their financial
inclusion.
What is meant by BSDA?
● A basic service demat account, or BSDA, is a more basic version of a regular demat account.
● The facility was introduced by markets regulator Sebi in 2012 to reduce the burden of demat
 charges on investors with small portfolios.
Eligibility Criteria :
● The investor must have only one demat account as the sole or first holder.
● The investor must have only one BSDA across all depositories.
● The value of securities in the BSDA must not exceed Rs 10 lakh for debt and non-debt securities
combined.

World Bank Sanctions $1.5 Billion Loan for India's Green Hydrogen Initiative
● The World Bank has approved a $1.5-billion loan to help India accelerate its low-carbon energy
development.
● The funds will be used to promote a market for green hydrogen, electrolysers, and increased
renewable energy penetration.
● This is the second round of funding from the World Bank towards India's green energy initiatives,
following the $1.5 billion First Low-Carbon Energy Programmatic Development Policy Operation
in June 2023.
● Alignment with Initiatives: This operation aligns with the Government of India’s energy security
and the World Bank’s Hydrogen for Development (H4D) partnership.
● Partnership and Financing: The financing for this operation includes:
➢ $1.46 billion loan from the International Bank for Reconstruction and Development (IBRD).
➢ $31.5 million credit from the International Development Association (IDA).
About World Bank :
● Established : July 7, 1944
● Headquarters : Washington, D.C., United States
● President : Ajay Banga
● The World Bank is an international financial institution that provides loans and grants to the
governments of low- and middle-income countries for the purpose of pursuing capital projects.

AWARDS AND HONOUR

NIMHANS Receives WHO Nelson Mandela Award for Health Promotion 2024
 • The National Institute of Mental Health and Neuro Sciences (NIMHANS), Bengaluru, India’s
premier mental health institution, has been honoured with the prestigious Nelson Mandela Award
for Health Promotion for 2024 by the World Health Organization (WHO).
• This accolade acknowledges the remarkable contributions of individuals, institutions, and
organizations to health promotion.

Indian-American Bruhat Soma from Florida wins Scripps National Spelling Bee
• Bruhat Soma, a 12-year-old Indian-American seventh-grader from Florida, emerged victorious at
the prestigious Scripps National Spelling Bee.
• Continuing the tradition of excellence within the small ethnic community, Bruhat demonstrated
exceptional spelling prowess by correctly spelling
• 29 words in the tiebreaker round, earning him over $50,000 in cash and prizes.
• The 2024 Scripps National Spelling Bee witnessed a thrilling tiebreaker between Bruhat and
Faizan Zaki.

Nar Singh, Rohini Lokhande win Dilip Bose lifetime achievement award
• The All India Tennis Association (AITA) has announced the Dilip Bose award for lifetime
achievement to coach Nar Singh.
• The award along with a cash prize of Rs.50,000 will be presented during the 11th National
coaches workshop to be held at the PYC Hindu Gymkhana in Pune on June 7 and 8.
• The secretary general of AITA, Anil Dhupar, announced a new lifetime achievement award for
women coaches.
Vellayan Subbiah of TII was named EY World Entrepreneur of the year 2024
● Vellayan Subbiah, Executive Vice-Chairman of Tube Investments of India (TII) and Chairman of
Cholamandalam (Chola) Investment and Finance Co. Ltd., was named the EY World Entrepreneur
Of The Year 2024.
● Event: The award ceremony was held in Monaco’s Salle des Etoiles.
● Competition: Vellayan was selected from nearly 5,000 programme participants, including 51 winners
from 47 countries and jurisdictions.
● Historical Win: He is the fourth winner from India in the award’s 24-year history, making India the
only country among EY regions to win the global entrepreneurship award four times.
WisdomNext to push generative AI play for Tata Consultancy Services

● Tata Consultancy Services (TCS) has launched TCS WisdomNext, a platform that consolidates
multiple generative artificial intelligence (GenAI) services into a single interface.
● Objective: The platform allows organizations to adopt next-gen technologies at scale within
regulatory frameworks and at lower costs.
● AI.Cloud Integration: TCS WisdomNext will be part of the newly-formed AI.Cloud unit of TCS.
● SaaS Features: The platform includes software-as-a-service (SaaS) capabilities, enabling customers
to:

Films with Transgender focus win big at KASHISH 2023

• The short film "Mehroon" secured two prestigious awards at the KASHISH International Film Festival
in Mumbai.
• Director: Abu Sohel Khondekar (she/they), a transwoman and queer filmmaker, directed the film and
received significant accolades.
• KASHISH QDrishti Film Grant 2023: Abu Sohel Khondekar won this grant to create "Mehroon."
• Special Jury Mention: After the film's screening on May 19, 2024, at Liberty Cinema, Mumbai,
Khondekar received the Special Jury Mention for the Riyad Wadia Award for Best Emerging Indian
Filmmaker.

MIFF 2024 Launches Inaugural Documentary Film Bazaar

● The 18th Mumbai International Film Festival (MIFF) 2024 witnessed the inauguration of its first-ever
Documentary Film Bazaar, marking a significant milestone for the festival as the leading platform for
non-feature films in South Asia.
● The Documentary Film Bazaar, a pioneering initiative, aims to elevate the documentary film industry
by providing filmmakers with a unique platform to connect with buyers, sponsors, and collaborators.
● Held from June 16 to 18, 2024, at the NFDC complex, this groundbreaking event has attracted
nearly 200 projects from 10 countries, spanning 27 languages.

The Bazaar features three main verticals:

● Co-production Market: Showcasing 16 projects to connect filmmakers with potential collaborators

and financiers globally.

● Work-in-Progress (WIP) Lab: Featuring 6 projects in rough-cut stages, providing crucial feedback
 and mentorship.

● Viewing Room: Exhibiting 106 completed documentaries, short films, and animations to curated
delegates for distribution and funding opportunities.

● The Bazaar hosts stalls from diverse organizations such as Maharashtra Film, Stage and Cultural
Development Corporation Ltd., and features international representation from countries like Sri
Lanka, Belarus, Iran, and Argentina, facilitated by the Union Ministry of Tourism.

Vinod Ganatra Receives Nelson Mandela Lifetime Achievement Award

● Vinod Ganatra, a distinguished children’s filmmaker from India, has been honoured with South
Africa’s prestigious 'Nelson Mandela Lifetime Achievement Award' for his exceptional contributions
to children’s cinema.
● The award was bestowed upon him at the 7th Nelson Mandela Children’s Film Festival, making him
the first Indian to receive this esteemed recognition.
● Vinod Ganatra’s receipt of the Nelson Mandela Lifetime Achievement Award underscores his
significant impact on children’s cinema and his dedication to storytelling that inspires and educates
young audiences.
● His contributions have not only enriched Indian cinema but also resonated globally, earning him
acclaim and admiration across borders.

About the Nelson Mandela Lifetime Achievement Award:

● Named in honor of Nelson Mandela (1918-2013), the first black President of South Africa.

● Mandela was a pivotal figure in the fight against apartheid, dedicating his life to promoting peace,
equality, and justice.

● He spent 27 years in prison for his activism before becoming South Africa’s President in 1994,
symbolizing the end of apartheid.

● Mandela’s legacy includes his leadership in reconciliation and advocacy for human rights
worldwide.

● The award named after him recognizes individuals who have made profound contributions to
their fields and society at large, embodying Mandela’s spirit of perseverance and dedication to
positive change.
RailTel Receives ET Government PSU Leadership & Excellence Award 2024

● RailTel was honoured with the ET Government PSU Leadership & Excellence Award 2024 in the
'Leadership in Digital Transformation' category.
● The award ceremony took place during the 5th ET Govt National PSU Summit 2024, where Dr.
Jitendra Singh presented the prestigious accolade.
● Achievements Recognized: The award acknowledges RailTel's exceptional contributions in digital
transformation within the public sector.
● RailTel was recognized for successfully implementing the Hospital Management Information
System (HMIS) across 709 healthcare facilities of Indian Railways.
GRSE Ltd. Receives Sustainable Governance Champion Award

● Garden Reach Shipbuilders & Engineers (GRSE) Ltd. was honoured with the "Sustainable
Governance Champion Award" at the Outlook Planet Sustainability Summit & Awards 2024.
● Commitment to Sustainability: This accolade underscores GRSE's steadfast dedication to
sustainable practices and governance excellence.
● The award recognizes GRSE's proactive efforts in embedding sustainability into its core
operations, fostering innovation, and promoting environmental stewardship, particularly within the
maritime and defence sectors.
Sanjana Thakur Wins 2024 Commonwealth Short Story Prize

● Sanjana Thakur has been named the overall winner of the 2024 Commonwealth Short Story
Prize.
● The prize, valued at £5,000 (approx. $8,664.38 Cdn), recognises the best piece of unpublished
short fiction from the Commonwealth's 56 member states.
● Thakur’s story, Aishwarya Rai, initially won the Asia category before being selected as the overall
winner.

About the Prize

● The Commonwealth Short Story Prize is awarded annually.

● It selects the best short fiction from five regional winners: Africa, Asia, Canada and Europe,
Caribbean, and Pacific.

Dr Usha Thakur Awarded the 12th Vishwa Hindi Samman In the Hindi Samvad Event
 ● Dr Usha Thakur was awarded the 12th Vishwa Hindi Samman in a Hindi Samvad event
organised by the Embassy of India in Nepal recognising her contribution in development of Hindi
literature.
● She has translated more than 40 literature in Hindi and Nepali and strengthened Hindi language.
● This award is given by the Ministry of External Affairs, Government of India.
● 12th World Hindi Conference was held in Fiji in 2023.

APPOINTMENTS & RESIGNATIONS

PV Sindhu Named Brand Ambassador for Greenday's Better Nutrition, a Biofortified Staples Brand
• PV Sindhu, two-time Olympic medallist and world champion shuttler, has invested in and become
the brand ambassador for Greenday's 'Better Nutrition' brand.
• The collaboration aims to address micronutrient deficiencies in India through biofortified foods,
benefiting both consumer health and farmer livelihoods.
• The partnership between Sindhu and Greenday aims to improve consumer health and enhance
farmer prosperity by promoting the nutritional value of staple crops.
About Greenday :
• Founder & CEO : Prateek Rastogi
• Greenday, founded by Indian Institute of Management Ahmedabad alumni Rastogi and
Aishwarya Bhatnagar, works with farmers to cultivate nutrient-dense crop varieties.

Serie A Champions Inter Appoint Giuseppe Marotta as Club's New President

• Giuseppe Marotta, Inter Milan's current sporting Chief Executive Officer (CEO), is set to become
the club's new president.
• Marotta's appointment follows the nomination by Inter Milan's new owners, Oaktree, a US-based
investment firm.
• Marotta, considered the architect of Inter’s recent return to football’s top table, will replace
outgoing president Steven Zhang following a shareholders’ meeting in Milan in which a new
board will also be appointed.
About Inter Milan :
• Founded : 9 March 1908
 • Football Club Internazionale Milano, commonly referred to as Internazionale or simply Inter, and
colloquially known as Inter Milan in English-speaking countries,is an Italian professional football
club based in Milan, Lombardy.
• Inter is the only Italian side to have always competed in the top flight of Italian football since its
debut in 1909.
Businesswoman Halla Tomasdottir Elected as New President of Iceland
• Halla Tomasdottir, a businesswoman and Chief Executive Officer (CEO) of B Team, has been
elected as the 7th President of Iceland.
• Tomasdottir will assume office on August 1, 2024, replacing the current President Gudni
Johannesson, who did not seek re-election after two-four-year terms in office.
• She will be the 2nd woman to hold the office after Vigdis Finnbogadottir, who was the first woman
in the world to be democratically elected as president in 1980.
About Iceland :
• Prime Minister : Bjarni Benediktsson
• Capital : Reykjavík
• Currency : Icelandic króna
• According to a World Economic Forum report in 2023, Iceland is the most gender-equal country
in the world.

Dr. Helen Mary Roberts Becomes First minority community Woman to Achieve Brigadier Rank in
Pakistan Army
• Dr Helen Mary Roberts, serving in the Pakistan Army Medical Corps, has made history by
becoming the first woman from the minority community to achieve the rank of brigadier in the
Muslim-majority country.
• Before Brigadier Roberts, Major General Nigar Johar had broken gender barriers in June 2020 by
becoming the country’s first female officer to be promoted to the rank of lieutenant general.
• Pakistan is a Muslim-majority country, with Muslims comprising 96.47% of the population,
followed by Hindus (2.14%), Christians (1.27%), Ahmadi Muslims (0.09%), and others (0.02%),
according to data from the Pakistan Bureau of Statistics in 2021.

Government Appoints Saurabh Garg as Full-Time Secretary of Ministry of Statistics and Programme
Implementation
● Saurabh Garg, a 1991-batch Odisha cadre IAS officer, has been appointed as the full-time
Secretary of the Ministry of Statistics and Programme Implementation (MoSPI).
● Prior to this, Garg was holding additional charge as Secretary, MoSPI.
● Before Garg, the MoSPI Secretary was GP Samanta, who held the position until April 15, 2024.
● Garg also currently serves as Secretary, Department of Social Justice & Empowerment, and has
been given charge of Secretary, National Statistical Commission (NSC).

Shah Rukh Khan Named New Brand Ambassador for Muthoot Pappachan Group

● Muthoot Pappachan Group (MPG), popularly known as Muthoot Blue, has roped in Shah Rukh
Khan as its brand ambassador.
● This strategic collaboration represents a significant milestone for MPG, reinforcing its brand
presence, and a new way of connecting with a diverse audience across the country.
About Muthoot Pappachan Group :
● Founded : 1887
● Headquarters : Thiruvananthapuram, Kerala, India
● Chairman : Thomas John Muthoot
● Muthoot Pappachan Group is the promoter of leading Non-Banking Financial Companies
(NBFCs) including Muthoot FinCorp Limited (flagship Company of the Group), Muthoot Microfin
Limited, Muthoot Capital Services Limited and Muthoot Housing Finance Company Limited.
● CEO of Muthoot FinCorp : Shaji Varghese

Airtel Names Sharat Sinha as New Chief Executive Officer of Airtel Business
● Telecommunications services provider Bharti Airtel has appointed Sharat Sinha as the Chief Executive
Officer (CEO) of Airtel Business, effective June 3, 2024, who will be reporting to Gopal Vittal, CEO and
Managing Director, Airtel.
● He will also be a part of the Airtel Management Board.

● Sinha joins Airtel Business from Checkpoint Software Technologies, where he served as President of
Pacific.
About Bharti Airtel :
● Founded : 7 July 1995
 ● Headquarters : New Delhi, India
● MD & CEO : Gopal Vittal

About Airtel Business :

● Airtel Business is the business-to-business arm of Bharti Airtel, offering a diverse portfolio of products
services such as data connectivity, voice and messaging, conferencing, cloud, data centre, security,
Internet of things, enterprise mobility and many more.

Claudia Sheinbaum Secures Landslide Victory to Become Mexico's 1st Female President
• A climate scientist and former mayor of Mexico City, Claudia Sheinbaum secured a sweeping win
to become Mexico's first female president.
• She succeeded her mentor and outgoing leader, Andres Manuel Lopez Obrador, whose strong
support among the impoverished contributed to her victory
• Sheinbaum clinched the presidency with an estimated vote share ranging from 58.3% to 60.7%,
according to a swift sample count by Mexico's electoral body.
• This marks a historic high in Mexico's democratic record for vote percentage.
• Sheinbaum is the first woman to win a general election in the United States, Mexico, or Canada.
About Mexico :
• Capital: Mexico City
• Currency: Mexican Peso
• Mexico, officially the United Mexican States, is a country in the southern portion of North America.

Vijaya Bharathi Sayani Appointed as Acting Chairperson of National Human Rights Commission
• Smt. Vijaya Bharathi Sayani, Member of the National Human Rights Commission (NHRC), has
been authorized to act as the Chairperson of NHRC by the President, under Section 7(1) of the
Protection of Human Rights Act, 1993.
• This appointment is effective from June 2, 2024, until the appointment of a new Chairperson to fill
the vacancy.
• Sayani will replace Justice (Retd) Arun Kumar Mishra, who completed his three-year tenure as the
eighth Chairperson of NHRC on June 1, 2024.
About NHRC :
• Establishment: NHRC is a statutory body established on October 12, 1993, under the Protection of
Human Rights Ordinance of September 28, 1993.
 • Headquarters: New Delhi, Delhi, India.
• Mandate: NHRC is responsible for the protection and promotion of human rights, which are defined
by the act as "Rights Relating To Life, liberty, equality, and dignity of the individual guaranteed by
the constitution or embodied in the international covenants and enforceable by courts in India."
• Composition:
• NHRC consists of:
• Chairperson
• Five members (excluding the ex-officio members)

Indian Railway Service of Mechanical Engineering, Sushil Kumar Singh Appointed as Chairperson of
Deendayal Port Authority
• Appointment of Sushil Kumar Singh as Chairperson of Deendayal Port Authority (DPA), Kandla
approved by the Appointments Committee of the Cabinet.
• Mr. Singh is from the Indian Railway Service of Mechanical Engineering (IRSME) with the batch of
1992.
• The appointment falls under the Ministry of Ports, Shipping, and Waterways.
• Singh's tenure extends until January 31, 2027, or until further orders, whichever is earlier.
• The appointment is significant for the management and development of the Deendayal Port
Authority.
Mohan Charan Majhi Takes Oath as Odisha’s Chief Minister
• Mohan Charan Majhi, a four-time Member of the Legislative Assembly (MLA) and tribal leader,
was sworn in as the first Bharatiya Janata Party (BJP) Chief Minister of Odisha.
• Majhi is the third tribal Chief Minister of Odisha, following Hemanand Biswal and Giridhar
Gamang, since the state was formed in 1936.
• K. V. Singh Deo, a six-time MLA from Patnagarh, and Prabhati Parida, a first-time MLA from
Nimapara, were sworn in as Deputy Chief Ministers.
• The two leaders will serve as Deputy Chief Ministers in the State’s first BJP government.
About Odisha :
• Governor : Raghubar Das
• Chief Minister : Mohan Charan Majhi
• Capital : Bhubaneswar
 • National Park : Bhitarkanika National Park, Simlipal National Park
• Wildlife Sanctuaries : Gahirmatha Marine Wildlife Sanctuary, Baisipalli Wildlife Sanctuary
• Ramsar Sites : Ansupa Lake, Bhitarkanika Mangroves, Chilika Lake (first Indian wetland of
international importance under the Ramsar Convention), Hirakud Reservoir, Satkosia Gorge,
Tampara Lake

Pema Khandu Poised to Serve 3rd Term as Chief Minister of Arunachal Pradesh
• Bharatiya Janata Party (BJP) leader Pema Khandu has been sworn in as the Chief Minister of
Arunachal Pradesh for his 3rd consecutive term.
• Along with him, BJP's Chowna Mein was sworn in as the deputy chief minister for the second
term.
• The swearing-in ceremony held at DK State Convention Centre in Itanagar was attended by
Union Ministers Amit Shah, JP Nadda, Kiren Rijiju, and Assam Chief Minister Himanta Biswa
Sarma.
• Khandu, 44, became Chief Minister for the first time in 2016.
About Arunachal Pradesh :
• Governor : Kaiwalya Trivikram Parnaik
• Chief Minister : Pema Khandu
• Capital : Itanagar
• National Parks : Mouling National Park, Namdapha National Park
• Wildlife Sanctuaries : Dibang Wildlife Sanctuary, Eagle Nest Wildlife Sanctuary

Chandrababu Naidu Sworn in as Andhra Pradesh Chief Minister for 4th Term
• Nara Chandrababu Naidu, the chief of the Telugu Desam Party (TDP), was sworn in as Chief
Minister of Andhra Pradesh for the 4th time.
• The oath-taking ceremony took place at Kesarapalli IT Park near Vijayawada, in Krishna district,
AP.
• While setting this record, he broke the one set by his father-in-law and party founder NT Rama
Rao, a three-time chief minister of the state.
About AP :
• Capital : Amaravati
 • National Park : Papikonda National Park, Rajiv Gandhi (Rameshwaram) National Park, Sri
Venkateswara National Park
• Wildlife Sanctuaries : Coringa Wildlife Sanctuary, Kambalakonda Wildlife Sanctuary, Krishna
Wildlife Sanctuary, Gundla Brahmeswaram Wildlife Sanctuary

Prem Prabhakar Appointed as Managing Director and Chief Executive Officer of SBICAP Ventures
Limited
• Prem Prabhakar has been appointed as the new Managing Director and Chief Executive Officer
of SBICAP Ventures Limited (SVL).
• In his new role, Prabhakar will be responsible for overseeing the strategic direction, operational
efficiency and overall growth of the company.
• Prabhakar brings over 24 years of extensive experience in the banking sector.
• Prior to this appointment, he served as General Manager at the State Bank of India (SBI).

Harsh Pati Singhania was Elected as 1st Vice-Chair of the International Chamber of Commerce.
• Harsh Pati Singhania, Chairman and Managing Director (CMD) of JK Paper Limited and Director
of JK Organisation, has been elected as the First Vice-Chair of the International Chamber of
Commerce (ICC), Paris.
• The election took place during the World Council meeting on June 11 in Paris, France.
About the International Chamber of Commerce (ICC):
• Headquarters: Paris, France
• Current Chair: María Fernanda Garza
• The ICC is the largest and most representative business organization in the world.
• Represents over 45 million businesses globally.
• Known as the "voice of world business."

PNB MetLife Names Sameer Bansal as New MD and CEO, Succeeding Ashish Srivastava
● PNB MetLife India Insurance has appointed Sameer Bansal as the Managing Director (MD) and
Chief Executive Officer (CEO) effective from July 1, 2024, subject to regulatory approvals.
● He will succeed Ashish Srivastava, who will become the MD for MetLife Inc.’s Global Shared
Services team in India.
 ● Bansal has over 25 years of experience in financial services, including extensive and successful
experience in leading Distribution through Bancassurance, Agency, Digital, Employee Benefits
and Direct marketing business models.
About PNB MetLife Insurance :
● Founded: 2001
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Ashish Kumar Srivastava
● PNB MetLife Insurance is a joint venture between MetLife International Holdings LLC (46%
stake) and Punjab National Bank (30% stake).
● Product Offerings:PNB MetLife offers various insurance products focusing on Child Education,
Family Protection, Long-Term Saving, and Retirement.
● The company has a wide range of protection and retirement products available through its sales
channel of over 19,500 financial advisors and multiple bank partners.
● Market Presence:PNB MetLife caters to over 590 group relationships in India, demonstrating a
significant presence in the Indian insurance market.
N. Chandrababu Naidu Set to Swear In as Andhra Pradesh Chief Minister on June 12
● N. Chandrababu Naidu, the national president of the Telugu Desam Party (TDP), will take oath as
the Chief Minister of Andhra Pradesh on June 12, 2024, at Kesarapalli IT Park in Gannavaram,
Krishna District, Andhra Pradesh (AP).
● The oath-taking ceremony will be attended by National Democratic Alliance (NDA) Prime Ministerial
candidate Narendra Modi, along with several senior NDA leaders and Chief Ministers from other
states.
● The NDA secured victory in 164 out of the total 175 Assembly constituencies. The TDP won 135
seats, the Jana Sena Party (JSP) secured 21 seats, and the Bharatiya Janata Party (BJP) won 8
seats, while the YSR Congress Party (YSRCP) secured 11 seats.

About Andhra Pradesh

● Capital: Amaravati
● Governor: S. Abdul Nazeer
● National Park : Papikonda National Park, Rajiv Gandhi (Rameswaram) National Park
● Wildlife Sanctuary : Coringa Wildlife Sanctuary, Gundla Brahmeswaram Wildlife Sanctuary,
Koundinya Wildlife Sanctuary
Cameroon's Philemon Yang Elected as President of Upcoming General Assembly Session
● Philemon Yang, former Prime Minister of Cameroon, has been elected as the President of the
upcoming 79th session of the UN General Assembly (UNGA), scheduled to begin in September,
2024.
● Yang will succeed Denis Francis of Trinidad and Tobago, the president of the 78th UNGA session.
● Yang served as Cameroon's Prime Minister from 2009 to 2019 and has been serving as the Grand
Chancellor of National Orders at the Presidency of the Republic since 2020.
● He also served as Cameroon's high commissioner to Canada from 1984 to 2004 and has chaired
the Panel of Eminent Africans of the African Union since February 2020.

About United Nations General Assembly :

● Established in 1945 under the Charter of the United Nations, the General Assembly is the main
policy-making organ of the Organisation.
● Headquarters : New York City, United States
● President : Dennis Francis
● It provides a unique forum for multilateral discussion of the full spectrum of international issues
covered by the Charter.
Competition Commission of India Appoints IRS Officer Inder Pal Singh Bindra as Secretary
● The Competition Commission of India (CCI) has appointed an Indian Revenue Service (IRS)
officer, Inder Pal Singh Bindra as its new Secretary.
● Bindra's appointment as CCI Secretary is on a deputation basis for a period of 3 years.
● Bindra will replace Anupama Anand, who has resigned after being appointed in September 2023
for a period of 3 years.
● Prior to his appointment as CCI Secretary, Bindra was posted as an officer in the income tax
department.
About CCI :
● Founded : 14 October 2003
● Headquarters : New Delhi
● Chairman : Ravneet Kaur
● The CCI is the chief national competition regulator in India.
 ● It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the
Competition Act, 2002 to promote competition and prevent activities that have an appreciable
adverse effect on competition in India.

Prem Singh Tamang Sworn in as Sikkim Chief Minister:

● Prem Singh Tamang, the leader of Sikkim Krantikari Morcha (SKM), has taken oath as Chief
Minister of Sikkim for a second consecutive term.
● Governor Lakshman Prasad Acharya administered the oath of office and secrecy during a
ceremony held at Paljor Stadium, where Tamang and his Council of Ministers were sworn in.
● SKM secured an overwhelming victory in the assembly polls, winning 31 out of 32 seats, while
the opposition Sikkim Democratic Front (SDF) managed only one seat.

Kamal Kishore Soan Assumes Role as Director General of Employees’ State Insurance Corporation
● Kamal Kishore Soan, a senior IAS officer from the 1998 Jharkhand Cadre, has taken on the
additional role of Director General of the Employees' State Insurance Corporation (ESIC) while
continuing as Additional Secretary and Director General, Labour Welfare in the Ministry of Labour
& Employment.
● He has extensive experience in governance and management across various departments in
Jharkhand, including Land Revenue Management, District Administration, Agriculture, Health,
Building Construction, Transport, Finance, Energy, Water Resources, and Social Justice &
Empowerment.
About ESIC :
● Formed: 24 February 1952
● Headquarters: New Delhi, Delhi
● ESIC is a significant statutory social security body operating under the Ministry of Labour and
Employment, Government of India, tasked with providing social security to workers.

Vice Chief of the Army Staff Lieutenant General Upendra Dwivedi Named the 30th Chief of Army
Staff
 • The Government has appointed Lieutenant General Upendra Dwivedi, presently serving as Vice
Chief of the Army Staff, as the 30th Chief of the Army Staff with effect from the afternoon of June
30, 2024.
• The present Chief of the Army Staff Gen Manoj C Pande, demits office on June 30, 2024.
• The term of Chief Pande was extended in a rare move by a month due to ongoing Lok Sabha
polls in the country.
• Gen Pande was to retire from service on May 31, 2024.
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth

Jyoti Vij was appointed as the new director general of the Federation of Indian Chambers of Commerce
and Industry
• The Federation of Indian Chambers of Commerce (FICCI) announced the appointment of Jyoti
Vij as FICCI's director general.
• Shailesh Pathak, Secretary General of FICCI, has resigned from his position citing personal
reasons.
• Jyoti Vij is a seasoned industry professional with over 30 years of experience working with
leading Indian industry chambers.
About FICCI :
• Founded : 1927
• Headquarters : New Delhi, Delhi
• President : Dr Anish Shah
• The FICCI is a non-governmental trade association and advocacy group based in India

Ajit Doval Reappointed as National Security Advisor, PK Mishra to Remain Principal Secretary to Prime
Minister

● Ajit Doval has been reappointed as the National Security Advisor and PK Mishra as the Principal
Secretary to the Prime Minister with effect from June 10,2024 in a resounding vote for continuity
under Narendra Modi’s 3rd term as the Prime Minister.
 ● Both Doval and Mishra will be assigned the rank of a cabinet minister in the table of precedence
during their term in office.
● The Appointments Committee of the Cabinet (ACC) has also approved the reappointment of Amit
Khare and Tarun Kapoor as advisors to the PM, in the Prime Minister's Office, for 2 years.
About ACC :
● Established : January 26, 1950
● Headquarters : New Delhi
● Chairperson : Narendra Modi (Prime Minister of India)

Delhi Metro Rail Corporation Appoints Manuj Singhal as New Director of Infrastructure

● Manuj Singhal, an Indian Engineering Service (IES) officer of the 1994 batch, has been
appointed as the new Director (Infrastructure) at Delhi Metro Rail Corporation (DMRC).
● He will oversee maintenance activities related to civil, electrical, signal, AFC (Automatic Fare
Collection), telecom, rolling stock, and solar power systems at DMRC.
About DMRC :
● Founded : 3 May 1995
● Headquarters : New Delhi, Delhi
● Chairman : Manoj Joshi
● The DMRC is a centre-state joint venture that operates the Delhi Metro and Noida Metro.

Cyril Ramaphosa Re-Elected as South African President for 2nd Term

● The South African parliament re-elected Cyril Ramaphosa, the African National Congress’s
(ANC) President, as the President of South Africa during the first sitting of the National Assembly
of the 7th Parliament.
● ANC has reached a broad agreement with the main opposition and other parties to form a
coalition government, aiming to end a political deadlock after the ANC lost its 30-year majority in
an election two weeks ago.
● The election took place on May 29,2024 with 339 ballot papers issued and counted, including 12
invalid ballots.
 ● Ramaphosa secured 283 votes, while Julius Malema, leader of the Economic Freedom Fighters
(EFF), received 44 votes.
● This marks Ramaphosa’s second term as South Africa’s president, having first taken office on
February 15, 2018, and re-elected on May 22, 2019, following the 2019 elections.
About South Africa :
● Capital : Pretoria (executive), Cape Town (legislative), Bloemfontein (judicial)
● Currency : South African rand
BJP's Tesam Pongte Elected as the new Speaker of Arunachal Pradesh Assembly

● Tesam Pongte, Member of the Legislative Assembly (MLA) from Changlang North, has been
elected unanimously as the Speaker of the 8th Arunachal Pradesh Legislative Assembly as there
was no other nomination received for the post.
● The special session of the Assembly started with the election of the Speaker.
● BJP’s Kardo Nyigyor, who was elected from the Likabali Assembly constituency, was also
elected uncontested as the Deputy Speaker of the House.
About Arunachal Pradesh :
● Governor : Kaiwalya Trivikram Parnaik
● Chief Minister : Pema Khandu
● Capital : Itanagar
● National Parks : Mouling National Park, Namdapha National Park
● Wildlife Sanctuaries : Dibang Wildlife Sanctuary, Eagle Nest Wildlife Sanctuary

Paytm Names Former-SEBI Whole-Time Member Rajeev Agarwal as Independent Director

● Rajeev Krishnamuralilal Agarwal has been appointed as Non-Executive Independent Director at
One 97 Communications Limited (OCL), the company that owns the Paytm brand.
● Neeraj Arora has stepped down as Non-Executive Independent Director of One 97
Communications Limited due to other commitments and personal reasons.
About Paytm :
● Founded : August 2010
● Headquarters : Noida, Uttar Pradesh, India
● Founder & CEO : Vijay Shekhar Sharma
Global Wind Energy Council India Appoints Girish Tanti from Suzlon Group as New Chairman

● Suzlon Vice Chairman Girish Tanti has been elected as the Chair of Global Wind Energy Council
India (GWEC India).
● He was elected Vice-Chair of GWEC in April, 2024.
● Responsibilities: As Chair of GWEC India, Tanti will play a crucial role in collaborating with
national and state governments to establish policy frameworks and drive momentum in India's
wind energy sector, encompassing both onshore and offshore wind projects.
● India ranks as the world’s 4th-largest wind market with significant onshore wind capacity (46 GW)
and a prominent manufacturing hub for wind energy components.
● Note : Global Wind Day or World Wind Day is a worldwide event that is held on June 15.
● GWEC India Chair : Girish Tanti
About GWEC :
● Established : 2005
● Headquarters : Brussels, Belgium
● CEO : Ben Backwell
● Membership: Represents over 1,500 companies, organizations, and institutions in more than 80
countries, including manufacturers, developers, suppliers, research institutes, and renewable
energy associations.
● GWEC is a member-based organisation that represents the entire wind energy sector.

Sudhakararao Papa going to be the next Director (Enterprise) of BSNL

● Sudhakararao Papa is set to be the next Director (Enterprise) of Bharat Sanchar Nigam Limited
(BSNL).
● He has been recommended for the post by the Public Enterprises Selection Board (PESB) panel
on June 15.
● Presently, he is serving as Chief General Manager (Chennai Telecom District Circle) in the same
organisation.
● As Director (Enterprise) of BSNL, Papa will be a member of the Board of Directors and reports to
the Chairman and Managing Director (CMD).
 ● He will act as head of the Enterprise Business unit and will be responsible for business from big
corporate customers and small & medium enterprises (SMEs).
● He will be responsible for all aspects of the business including product design, product pricing,
sales, marketing, customer service etc.

Dhanlaxmi Bank appoints Ajith Kumar KK as MD and CEO

● Private sector Dhanlaxmi Bank stated it has appointed Ajith Kumar KK as Managing Director
(MD) of the bank.
● He will take charge on June 20, Kerala-based Dhanlaxmi Bank stated in a regulatory filing.
● The board at its meeting approved the appointment of Ajith Kumar KK as Managing Director &
CEO of the bank for a period of three years with effect from June 20, 2024, and on such
remuneration as approved by RBI vide letter dated April 18, it stated.
● The bank will seek approval of the shareholders for the stated appointment within the prescribed
time period in accordance with the applicable provisions of the Companies Act, 2013 and SEBI
regulation.
● He is presently the Chief Human Resources Officer at Federal Bank in the cadre of president

President Appoints Bhartruhari Mahtab, 7-time Member of Parliment, as Pro-Tem Speaker of Lok
Sabha

● President Droupadi Murmu appointed Bhartruhari Mahtab, a 7-term Member of Parliament (MP)
from Cuttack, as the pro-tem Speaker of the 18th Lok Sabha.
● This appointment was made under Article 95(1) of the Constitution to perform the duties of the
Speaker until the election of a Speaker.
Role of Pro-tem Speaker:
● The Speaker is the Presiding Officer of Lok Sabha and thus have some key duties related to the
day-to-day proceedings of the House.
● Since the Speaker has to be elected by a simple majority in the House, until then, a pro-tem
Speaker is chosen to perform the Speaker’s duties, including the oath-taking of MPs.
● The word ‘pro-tem’ means ‘for the time being’ or ‘temporarily’.
Government Appoints Atul Kumar Chaudhary as Secretary of Telecom Regulatory Authority of India
 ● The government has appointed Atul Kumar Chaudhary as the new Secretary of the Telecom
Regulatory Authority of India (TRAI).
● The position was vacant following the superannuation of V Raghunandan on May 31, 2024.
● As the new Secretary of the telecom regulator, Chaudhary would have major responsibilities to
steer some of the guidelines and policies, along with the stakeholders in terms of quality of
services, especially on pesky (unsolicted calls) and new Broadcasting Policy.
About TRAI :
● Established : 20 February 1997
● Headquarters : New Delhi
● Chairperson : Anil Kumar Lahoti
● The TRAI is a regulatory body set up by the Government of India under section 3 of the Telecom
Regulatory Authority of India Act, 1997.
● It is the regulator of the telecommunications sector in India.
Bharat Electronics Names Manoj Jain as New Managing Director and Chairman

● Bharat Electronics Limited (BEL) has appointed Manoj Jain as the new Chairman and Managing
Director of the company.
About BEL :
● Founded: 1954
● Headquarters : Bangalore, Karnataka, India
● BEL is an Indian Government-owned aerospace and defence electronics company.
● It primarily manufactures advanced electronic products for ground and aerospace applications.
● BEL is one of sixteen PSUs under the Ministry of Defence of India.
● It has been granted Navratna status by the Government of India.
● As of 31 March 2024, the Government of India held a 51.14% stake in the company.
GST Rate Rationalisation Panel Reformed with Bihar Deputy CM Chaudhary as Convenor

● Bihar Deputy Chief Minister Samrat Chaudhary has been appointed as the convenor of the
Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalisation.
● Samrat Chaudhary will replace Finance Minister of Uttar Pradesh Suresh Khanna.
Composition of Reconstituted Panel:
 ● Members include:
➢ Uttar Pradesh Finance Minister Suresh Kumar Khanna
➢ Goa Transport Minister Mauvin Godinho
➢ Rajasthan Medical and Health Services Minister Gajendra Singh
➢ West Bengal Finance Minister Chandrima Bhattacharya
➢ Karnataka Revenue Minister Krishna Byre Gowda
➢ Kerala Finance Minister K N Balagopal
● Reason for Reconstitution:The reconstitution was necessary to include Samrat Chaudhary in the
panel after the JD(U)-BJP alliance formed the government in Bihar, and Chaudhary was given
the finance portfolio, replacing Vijay Kumar Chaudhary.
● The primary aim of this reconstituted GoM will be to streamline GST rates, review exemptions,
and boost GST revenues.
● This is the second time that the GST rate rationalisation panel was reconstituted.
● The GoM was originally set up in September 2021, under the Karnataka Chief Minister Basavaraj
Bommai.
● Rate rationalization entails the possibility of reassigning items across different tax slabs.
Bank of Baroda Names Tennis Star Sumit Nagal as Brand Ambassador

● Bank of Baroda (BoB) has appointed Indian tennis player Sumit Nagal as its brand endorser.
● The appointment reflects the bank’s strategy of supporting emerging Indian athletes, especially
on the global stage.
● In January 2024, Nagal made history by becoming the first Indian in 35 years to defeat a seeded
player in a Grand Slam men’s singles match at the Australian Open.
● Bank of Baroda's Other Brand Ambassadors:Sumit Nagal joins other esteemed brand
ambassadors of Bank of Baroda, including PV Sindhu and Shafali Verma.
About Bank of Baroda :
● Founded : 20 July 1908
● Headquarters : Vadodara, Gujarat, India
● MD & CEO : Debadatta Chand
● Tagline : India’s International Bank
National Testing Agency Director General Subodh Kumar Singh Removed, Pradeep Singh Kharola
Assumes Additional Charge Of NTA’s DG
● Amid the NEET-UG, UGC NET, and CSIR UGC NET cancellation and postponement, the
Ministry of Education (MoE) has appointed retired Indian Administrative Officer Pradeep Singh
Kharola as the new director general of the National Testing Agency (NTA) till the appointment of
a regular incumbent.
● Subodh Kumar Singh, the previous National Testing Agency (NTA) DG, has been removed and
placed on compulsory wait in the Department of Personnel and Training (DoPT) amid
controversy over exam irregularities.
● The Education Ministry has also set up a 7-member panel headed by former ISRO chief K
Radhakrishnan to review the agency's functioning and recommend exam reforms.
● The other constituent members include Dr. Randeep Guleria, Former Director, AIIMS Delhi, Prof.
B J Rao, Vice Chancellor, Central University of Hyderabad, Prof. Ramamurthy K, Professor
Emeritus, Department of Civil Engineering, IIT Madras, Pankaj Bansal, Co-Founder, People
Strong and Board Member- Karmayogi Bharat, Prof. Aditya Mittal, Dean Student Affairs, IIT
Delhi, Govind Jaiswal, Joint Secretary, Ministry of Education.
New Law to Curb Malpractices:
● The Centre has implemented a stringent law targeting malpractice and irregularities in
competitive exams.
● Offenders could face a maximum jail term of 10 years and a fine of up to ₹1 crore.
About National Testing Agency (NTA) :
● Headquarters : New Delhi, Delhi, India
● The National Testing Agency (NTA), established in November 2017 under the Indian Societies
Registration Act, 1860, is an autonomous body tasked with conducting various entrance
examinations for admissions to higher educational institutions.
● It is an autonomous body under the Ministry of Education of India.
Exams Conducted by NTA:
● NEET: National Eligibility cum Entrance Test for medical courses.
● JEE: Joint Entrance Examination for engineering courses.
● CTET: Central Teacher Eligibility Test.
● GATE: Graduate Aptitude Test in Engineering.
● GPAT: Graduate Pharmacy Aptitude Test.
 ● GMAT: Graduate Management Admission Test.
● CAT: Common Admission Test for management courses.
● UGC-NET: University Grants Commission National Eligibility Test for lectureship and JRF.
● CSIR-UGC NET: Council of Scientific and Industrial Research National Eligibility Test.
ESAF Small Finance Bank Chief Paul Thomas Elected as Chairperson of Sa-Dhan
● Paul Thomas, Managing Director (MD) & Chief Executive Officer (CEO) of ESAF Small Finance
Bank, has been elected as Chairperson of the board of Sa-Dhan.
● He was previously the co-chair of the Association.
What is Sa-Dhan?
● Sa-Dhan is an association of Microfinance and Impact Finance Institutions.
● Sa–Dhan is registered under the Societies Act of 1860.
● Regulatory Role: It is an RBI-appointed Self-Regulatory Organization (SRO) for Microfinance
Institutions.
● Formation and Purpose: Sa-Dhan is the first and largest association of community development
finance institutions in India formed over two decades back for supporting and strengthening the
agenda of fostering Inclusive Impact Finance in India.
Intelligence Bureau Chief Tapan Kumar Deka Receives One-Year Extension
● The Appointments Committee of the Cabinet (ACC) approved a year’s extension in service to
Tapan Kumar Deka, Director, Intelligence Bureau (IB).
● The extension is effective beyond June 30, 2024, or until further orders, whichever is earlier.
● The extension is in relaxation of the provisions of FR 56 (d) and Rule 16 (1A) of All India Services
(Death cum Retirement Benefits) Rule, 1958.
About Intelligence Bureau (IB) :
● Founded : 1887
● Headquarters : New Delhi, Delhi, India
● The Intelligence Bureau (IB) is India's internal security and counterintelligence agency under the
Ministry of Home Affairs.
RBI Appoints Arun Kumar Singh as Additional Director of Bandhan Bank
● The Reserve Bank of India (RBI) has appointed Arun Kumar Singh as an additional director on
the board of Bandhan Bank.
● His appointment is effective from 24 June 2024 for a period of one year, or until further orders,
 whichever is earlier.
About Bandhan Bank :
● Founded : 2015
● Headquarters : Kolkata, West Bengal, India
● MD & CEO : Chandra Shekhar Ghosh
Sony Pictures Networks India Appoints Gaurav Banerjee from Disney Star as New Managing Director
and Chief Executive Officer
● Sony Pictures Networks India (SPNI) announced the appointment of former Disney executive
Gaurav Banerjee as its Managing Director (MD) and Chief Executive Officer (CEO), effective on
or before August 26,2024 pending regulatory approvals.
● Banerjee will succeed N. P. Singh, who will move into the role of Non-Executive Chairman after a
25-year tenure.
● N. P. Singh will transition to his new role only after Banerjee takes charge, supporting the
transition through the end of the fiscal year.
About Sony Pictures Networks India :
● Founded on September 18, 1995.
● Headquarters: Mumbai, Maharashtra, India.
● Operates as Culver Max Entertainment Pvt. Ltd., trading as Sony Pictures Networks India (SPN
or SPNI).
● Owned by Sony Pictures Television, part of the Indian media conglomerate.
J.P. Nadda Appointed as Leader of the House in Rajya Sabha
● Union Minister for Health and Family Welfare and Bharatiya Janata Party (BJP) president JP
Nadda has been appointed as the Leader of the House in the Rajya Sabha.
● Nadda replaces Union Minister Piyush Goyal, who recently won the Lok Sabha election and took
oath on Monday as a member of the Lower House of Parliament.
● In the Cabinet, Mr. Nadda is also in charge of the Chemicals and Fertilizers portfolio.
● Congress president Mallikarjun Kharge is the Leader of the Opposition in the Rajya Sabha.
● Besides Mr. Nadda, 11 other members of the Upper House of Parliament are in the Union
Council of Ministers.
About Rajya Sabha :
● The Rajya Sabha, also known as the Council of States, is the upper house of the bicameral
 Parliament of India.
● The total allowed capacity is 250 (238 elected, 12 appointed) according to article 80 of the Indian
Constitution.
● The current potential seating capacity of the Rajya Sabha is 245 (233 elected, 12 appointed),
after the Jammu and Kashmir (Reorganisation) Act.
● Article 84 of the Constitution provides the qualification to be elected as a member of Rajya
Sabha:
➢ He must be a citizen of India.
➢ An individual needs to complete 30 years of age.
S N Subrahmanyan takes over as Chairman of LTIMindtree following A M Naik's resignation
● Global technology consulting and digital solutions company LTIMindtree has appointed veteran S
N Subrahmanyan, (Vice-Chairman) as Chairman with effect from June 27,2024.
● He succeeds A M Naik, who announced his decision to step down at the company's 28th Annual
General Meeting.
About LTIMindtree Limited :
● Founded : 23 December 1996
● Headquarters : Mumbai, Maharashtra
Om Birla, National Democratic Alliance Candidate, Re-elected as Lok Sabha Speaker
● Om Birla, a member of the National Democratic Alliance (NDA) and MP from Kota, has been re-
elected as the Speaker of the Lok Sabha.
● He previously served as the Speaker in the previous Lok Sabha term.
● Om Birla's re-election makes him the first person in 25 years to hold the position for a second
term.
● The motion for his election, moved by Prime Minister Narendra Modi and seconded by Defence
Minister Rajnath Singh, was adopted through voice votes.
About Lok Sabha :
● The Lok Sabha is the lower house of India's bicameral Parliament.
● It represents the people of India and has significant legislative and oversight functions.
● The upper house is known as the Rajya Sabha.
Aditya Birla Sun Life Asset Management Company Reappoints Balasubramanian as Managing Director
 ● A Balasubramanian has been reappointed as Managing Director (MD) and Chief Executive
Officer (CEO) of Aditya Birla Sun Life Asset Management Company (ABSL AMC) for three years,
starting from 25th July, 2024.
About Aditya Birla Sun Life AMC :
● Founded : 1994
● Headquarters : Mumbai, Maharashtra, India
● Ownership: Co-owned by Aditya Birla Capital and Sun Life (India) AMC Investments Inc.
● Primary Role: ABSL AMC functions as the investment manager for Aditya Birla Sun Life Mutual
Fund.
Ministry of Home Affairs Appoints Manish Kumar Gupta as Principal Secretary (Home)

● Manish Kumar Gupta, a senior IAS officer of the 1991-batch AGMUT cadre, has been appointed
as Principal Secretary (Home) by the Ministry of Home Affairs (MHA).
● He succeeds Ashwani Kumar, another AGMUT cadre officer, who has been appointed as the
Commissioner of the Municipal Corporation of Delhi (MCD).
● Principal Secretary (Home) is one of the two posts in addition to the Chief Secretary of Delhi
reserved for Centre-appointed bureaucrats on the three-member National Capital Civil Services
Authority that was created following the enactment of the Government of National Capital
Territory of Delhi (Amendment) Act, 2023.
About MHA :
● Union Minister : Amit Shah
● Minister of State : Nityanand Rai, Bandi Sanjay Kumar
Dutch Prime Minister Mark Rutte Named New North Atlantic Treaty Organization Leader
● Mark Rutte, currently the Dutch Prime Minister, will succeed Jens Stoltenberg as the Secretary
General of the North Atlantic Treaty Organization (NATO).
● He will assume office on October 1, 2024, succeeding Stoltenberg who served for 10 years.
● Rutte will be the 4th Dutchman to head the alliance since it was founded upon the ashes of World
War II to face off against the Soviet Union.
About NATO :
● Established : 4 April 1949
● Headquarters : Brussels, Belgium
 ● Membership : 32 states (30 European and 2 North American)
● NATO is an intergovernmental political and military alliance of North American and European
countries.
European Union Leaders Reappoint von der Leyen for Second Term as Commission Chief

● European Union leaders agreed to nominate Ursula von der Leyen of Germany for a second five-
year term as president of the European Commission.
● At a summit in Brussels, the bloc's 27 national leaders also picked former Portuguese premier
Antonio Costa as the future chair of their European Council meetings and selected Estonian
Prime Minister Kaja Kallas as the next EU foreign policy chief.
About European Commission :
● Established : 16 January 1958
● The European Commission (EC) is part of the executive of the European Union (EU).
● It operates as a cabinet government, with 27 members of the Commission (directorial system,
informally known as "Commissioners").

CURRENT AFFAIRS : PERSON IN NEWS

Maharashtra Farmer Siddhesh Sakore Honoured as Land Hero by United Nations Convention to
Combat Desertification
● Siddhesh Sakore, a farmer and the founder of AGRO RANGERS, from Maharashtra, has been
named Land Hero by the United Nations Convention to Combat Desertification (UNCCD).
● On the occasion of World Desertification and Drought Day, June 17, the UNCCD announced the
names of 10 Land Heroes in a programme in Bonn, Germany.
● Apart from Siddhesh Sakore, other Land Heroes are from Brazil, Costa Rica, Germany, Mali,
Moldova, Morocco, the Philippines, the US, and Zimbabwe.
● Global Context: Land degradation affects up to 40% of the world's land and nearly half the
world's population, with the highest costs borne by indigenous communities, rural households,
smallholder farmers, and especially youth and women.
● Youth Engagement: Engaging youth in land restoration could create an estimated 600 million
jobs over the next 15 years, contributing to economic growth and environmental sustainability.
About UNCCD :
 ● Establishment: June 17, 1994.
● Headquarters: Bonn, Germany.
● Executive Secretary: Ibrahim Thiaw.
● Membership: Comprises 197 parties, including 196 countries and the European Union.
● Rio Conventions: The UNCCD is one of the three Rio Conventions, alongside the United Nations
Convention on Biological Diversity (UNCBD) and the United Nations Framework Convention on
Climate Change (UNFCCC).
● Mandate: The UNCCD aims to combat Desertification, Land Degradation, and Drought (DLDD)
by promoting sustainable land management practices, restoring degraded ecosystems, and
supporting communities affected by these issues.

MOUS AND AGREEMENT

MEA, MeitY and CSC e-Governance Services India Ltd sign MoU to provide eMigrate services through
Common Services Centres
• A Memorandum of Understanding (MoU) has been established between the Ministry of External
Affairs (MEA), Government of India, the Ministry of Electronics and Information Technology (MeitY),
Government of India, and CSC eGovernance Services India Limited.
• This collaboration aims to synchronize the efforts of CSC SPV and MEA to deliver eMigrate services
through Common Service Centers (CSCs) across the country.

L&T Finance partners with PhonePe to offer home & mobility financing solutions
• Leading NBFC L&T Finance has forged a strategic partnership with FinTech major PhonePe to
expand the range of financial products and offer secured lending options to customers.
• The partnership will introduce housing finance and two-wheeler finance solutions, empowering
individuals seeking home and mobility financing options.
• Borrowers will now have the opportunity to explore and choose from a variety of offerings from L&T
Finance, allowing them to optimize their financial strategies.

Armed Forces Medical Services & IIT Hyderabad ink MoU for Collaborative Research and Training
• The Armed Forces Medical Services (AFMS) has signed a memorandum of understanding (MoU)
with the Indian Institute of Technology (IIT) Hyderabad to collaborate on research and training.
 • The MoU aims to foster innovation and research in developing novel medical devices and
addressing health issues specific to soldiers serving in varied terrains.
• This collaboration marks a significant milestone in leveraging advanced technology and research
to enhance the health and well-being of military personnel.

Japan Airlines and IndiGo Agree on Codeshare Partnership; enables JAL to expand reach to 14 IndiGo
destinations in India
• IndiGo and Japan Airlines (JAL) have entered into a codeshare partnership to provide customers
with increased travel options between Japan and India.
• This collaboration promises to significantly benefit customers by expanding travel options between
the two countries.
• It will facilitate smoother connectivity and more seamless travel experiences.
• Initially, the partnership will focus on strengthening Japan Airlines' connectivity into India.

Nokia, Gati Shakti Vishwavidyalaya ink pact to partner on 5G, 6G research

• Finnish telecom giant Nokia has agreed with Gati Shakti Vishwavidyalaya (GSV) to conduct joint
research focusing on 5G/6G communications within the transportation and logistics domain.
• Under the partnership, Nokia and GSV, a university under the Ministry of Railways, will explore
research opportunities in 5G/6G communications, emphasizing air, land, and sea transportation
applications.
• The collaboration will extend to areas such as standards development, smart factory automation,
and AI/GenAI labs.

The Department of School Education signs MoU with the National Book Trust to develop an institutional
framework for Rashtriya e-Pustakalaya
• The Department of School Education, Ministry of Education, Government of India, has entered into
a Memorandum of Understanding (MoU) with the National Book Trust, operating under the
Department of Higher Education, Ministry of Education, to establish a robust institutional
framework for the Digital Library Platform, Rashtriya e-Pustakalaya.
• 24/7 Accessibility: Rashtriya e-Pustakalaya will be accessible round-the-clock, transcending
geographical barriers and ensuring wider access to books.
Air India teams up with Delhi Metro, DIAL
• Air India in its latest collaboration with Delhi Airport and Delhi Metro is all set to offer check-in
services at two metro stations in the national capital for international passengers.
• Flyers can now check in their luggage at the metro stations.
• Passengers will need to check in their luggage at the Shivaji Stadium and New Delhi stations.
• Once they have checked in, baggage will get transferred to the flight through a sophisticated
automated system managed by Delhi International Airport Ltd (DIAL) AND Delhi Metro Rail
Corporation (DMRC).

Ministry of Health & Family Welfare and Ministry of Defence sign MoU to set up dedicated Tele MANAS
cell for armed forces
• A memorandum of understanding (MoU) was signed between the Ministry of Health and Family
Welfare (MoHFW) and the Ministry of Defence (MoD) to collaborate on operating a special cell of
Tele MANAS, the National Telemental Health Helpline, as a pilot project for two years at the Armed
Forces Medical College in Pune.
• The special Tele-MANAS Cell was inaugurated on December 1, 2023, at the Armed Forces Medical
College in Pune by Chief of Defence Staff, General Anil Chauhan.
• The collaboration aims to address the mental health and well-being of Armed Forces personnel and
their families.

• The initiative provides a toll-free number, 14416, in each State and Union Territory (UT) for easy
access to mental health support.

Dubai Conclave Unveils Major Advancements In India-UAE Digital Payments

• The Indian Business and Professional Council (IBPC) in Dubai, in collaboration with representatives
from the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI),
hosted a conclave.
• The event took place at the Taj Dubai.
• Objective: The conclave aimed to enhance economic cooperation and facilitate seamless cross-
border transactions.
• Local Currency Settlement (LCS) Framework: The LCS framework was a significant focus,
stemming from Prime Minister Narendra Modi's visit to the UAE earlier this year.
MCL Partners With AIIMS Bhubaneswar To Enhance Health Facilities
• Mahanadi Coalfields Limited (MCL) launched the "Aarogya" initiative, a significant Corporate Social
Responsibility (CSR) endeavor aimed at enhancing healthcare facilities in Odisha.
• MCL solidifies its commitment by signing a Memorandum of Understanding (MoU) with the All India
Institute of Medical Sciences (AIIMS), Bhubaneswar, to implement the "Aarogya" project.
• The "Aarogya" project, valued at Rs 18.22 crore, focuses on improving access to superior
healthcare, particularly in cancer treatment.

HCLTech renews deal with German cooperative apoBank for $278 million
• HCL Technologies (HCLTech) has expanded its partnership with Deutsche Apotheker- und
Ärztebank eG (apoBank), Germany's largest cooperative primary bank, in a deal valued at USD
278 million over 7.5 years, as disclosed in a regulatory filing.
• With this agreement, HCLTech will implement an outcome-oriented managed services model
aimed at delivering resilient, scalable, and high-quality digital foundation services.
• Thomas Runge, apoBank's COO, cited HCLTech's extensive Avaloq expertise and in-depth
understanding of apoBank as key reasons for the partnership.
About ApoBank:
• Industry: Cooperative Banking
• Founded: 1902
• Headquarters: Dusseldorf, Germany

Wadhwani Foundation partners with top institutes to boost innovation hubs in India

• New Delhi, Not-for-profit tech organisation Wadhwani Foundation stated it has signed
agreements with technical education body AICTE as well as four IIT and other premier
institutions to set up a network of innovation hubs across the the country.
• The agreements have been signed with AICTE (All India Council for Technical Education), IIT
Bombay, IIT Delhi, IIT Kanpur, IIT Hyderabad, IISc Bangalore, and C-CAMP to establish
Wadhwani Innovation Network Centers of Excellence (WIN-COEs) to accelerate the
commercialisation of academic innovations.
Oracle partners with Tamil Nadu to empower youth with IT skills
● Oracle has collaborated with the Tamil Nadu Skill Development Corporation to provide IT skills and
capabilities to the youth in the state, aiming to improve their employment prospects.

● Oracle’s specialised skills development program will be integrated into the Naan Mudhalvan
initiative, offering employment-linked skills training to over 200,000 students in Tamil Nadu.

● Tamil Nadu is one of India’s top 12 states with a rapidly growing youth population, making this
initiative particularly impactful.

About Oracle Corporation

● Oracle Corporation, an American multinational computer technology company, is headquartered in
Austin, Texas, United States.

Samsung partners with Paytm to bring travel, entertainment services to Samsung Wallet
● Samsung has partnered with One 97 Communications Limited (OCL), the parent company of fintech
firm Paytm, to introduce flight, bus, movie, and event ticket booking services on the Samsung Wallet.

Objective of Collaboration
● The partnership aims to enhance consumer convenience by directly offering a seamless booking
experience through the Samsung Wallet app.

● Users can access these new booking services by updating their Samsung Wallet app via the Galaxy
Store.

About Samsung Wallet

● Since its launch in 2017, Samsung Wallet has become a popular mobile tap-and-pay solution in
India, continuously evolving to meet user needs.

Jammu & Kashmir Elevates Agricultural Partnership With New Zealand

● Jammu & Kashmir has expanded its existing Memorandum of Cooperation (MoC) with New Zealand
into a comprehensive strategic agreement aimed at advancing the agricultural sector.

Utilizing New Zealand's Expertise

● The partnership leverages New Zealand's renowned capabilities in breeding technology, sustainable
farm management, and advanced disease control within the sheep sector on a global scale.

Transformational Impact
● This collaboration is poised to revolutionize and rejuvenate the sheep and goat sectors in the Union
Territory through extensive training programs and the adoption of innovative and sustainable farming
practices.

Enhancing Local Farming Practices

● The agreement underscores the adoption of New Zealand’s cutting-edge techniques to elevate local
sheep farming practices in Jammu & Kashmir.

MEA and SBI Join Forces to Enhance Digital Payments for Indian Migrant Workers

● The Ministry of External Affairs (MEA) and the State Bank of India (SBI) have formalized a
Memorandum of Understanding (MoU) to integrate SBI’s payment gateway, SBIePay, with the
eMigrate portal.
● This collaboration aims to strengthen digital payment services for Indian migrant workers, recruiting
agents, and portal users.

Facilitating Safe and Legal Migration

● Launched in 2014, the eMigrate portal facilitates transparent emigration processes by connecting
foreign employers, registered agents, and insurance providers.
● This integration with SBIePay expands payment options for emigration-related fees, including UPI,
credit/debit cards, and NEFT through net banking, with zero transaction charges.

Enhanced Efficiency and Compliance

● The initiative aims to simplify financial transactions associated with overseas employment, promoting
efficiency and compliance with emigration regulations.
● Leveraging SBI’s robust payment infrastructure underscores MEA’s commitment to secure and
lawful migration pathways for Indian workers.

India and Gambia Extend MoU on Personnel Administration and Governance Reforms

● The Department of Administrative Reforms and Public Grievances (DARPG), under the Ministry of
Personnel, Public Grievances and Pensions, Government of India, has extended its Memorandum of
Understanding (MoU) with the Public Service Commission of the Republic of the Gambia.
● The extension, effective from July 8, 2024, continues the collaboration for another five years.
● This extended partnership aims to enhance governance and administrative efficiencies, drawing
from India's policy initiatives and digital transformation strategies.
● MoU Extension: Originally signed on July 8, 2021, for three years, the MoU focuses on refurbishing
personnel administration and governance reforms.

● Signing Ceremony: The extension was signed by Shri V. Srinivas, Secretary of DARPG, and H.E.
Mr. Mustapha Jawara, High Commissioner of Gambia, in a ceremonial function held at CSoI, New
Delhi.

● Objectives: The agreement aims to:

⮚ Strengthen bilateral partnership through sharing best practices in administrative reforms and
good governance.

⮚ Conduct webinars, research publications, and capacity building programs.

⮚ Implement good governance practices such as performance management systems,

contributory pension schemes, and e-recruitment in government.

About The Gambia:

● Location: A small West African country, bounded by Senegal, with a narrow Atlantic coastline.

● Capital: Banjul.

● Currency: Gambian Dalasi.

India and U.S. to Finalize Agreement on Critical Minerals Cooperation

● India and the U.S. are set to rapidly conclude a bilateral agreement aimed at enhancing cooperation
on critical minerals.
● This collaboration involves the U.S. Department of Commerce and the Indian Ministry of Commerce
and Industry, along with the Ministry of Mines, focusing on bolstering supply chains for essential
minerals such as graphite, gallium, and germanium.
● This agreement underscores the growing importance of critical minerals in global supply chains and
technological advancements, highlighting India and the U.S.'s commitment to working together
towards a secure and sustainable future.

● The agreement will emphasize India's significant role in the mineral security partnership.

● The initiative, part of the India-U.S. Initiative for Critical and Emerging Technology (iCET) dialogue,
 covers a wide range of technological fields including artificial intelligence, quantum computing,
semiconductors, and wireless telecommunications.

● Launched in January 2023, iCET is designed to strengthen the strategic partnership between India
and the U.S. in both technological and defense sectors.

● The initiative is led by the National Security Councils of both countries, with National Security
Advisor (NSA) Ajit Doval and his U.S. counterpart Jake Sullivan co-chairing the recent review
meeting.

Russia's Putin and North Korea's Kim sign mutual defence pact
● In a significant development, North Korea and Russia have agreed to a mutual defence pact during
Russian President Vladimir Putin's recent visit to North Korea, marking his first in 24 years.
● Overall, the pact between North Korea and Russia marks a significant development in regional and
international geopolitics, with implications for security dynamics in Northeast Asia and broader global
relations.

EESL ties up with APEPDCL to promote energy efficiency, conservation

● Energy Efficiency Services Ltd (EESL) has entered into a strategic partnership with Andhra
Pradesh Eastern Power Distribution Company Ltd (APEPDCL) to promote energy efficiency
initiatives within the power distribution sector.
● The collaboration between EESL and APEPDCL represents a significant stride towards
promoting energy efficiency in the power distribution sector.
● The partnership aims to implement the 'Energy Efficient Appliance Programme' to enhance
energy efficiency and promote energy conservation among residential and institutional
consumers of APEPDCL.
CERT-In and Mastercard India sign MoU for collaboration in cyber security to enhance India’s cyber-
resilience in Financial Sector
● The Indian Computer Emergency Response Team (CERT-In), under the Ministry of Electronics
and Information Technology, Government of India, has partnered with Mastercard to enhance
cybersecurity within the financial sector through cooperation and information sharing.
● The partnership between CERT-In and Mastercard marks a significant step in fortifying
cybersecurity defences within India's financial sector.
 ● By pooling their expertise and resources, both entities aim to foster a secure digital environment,
protect against evolving cyber threats, and promote confidence in financial transactions
nationwide.
● CERT-In serves as the national agency for incident response under Section 70B of the
Information Technology Act, 2000, operating a 24x7 incident response Help Desk.
Tata Steel, ICAR-NRRI join Odisha government to reclaim acidic soils in the state
● Tata Steel and the Odisha government have embarked on a sustainable agricultural initiative
aimed at reclaiming acidic soils in the state using industrial waste as soil amendments.
● The collaboration between Tata Steel and the Odisha government under the SAFAR initiative
signifies a significant step towards sustainable agriculture and environmental stewardship.
Project Name: SAFAR
● Objective: "Economic and Environment-Friendly Utilisation of Basic Slag and Fly Ash as Soil
Amendments to Reclaim Acid Soils of Odisha (SAFAR)."

● Implementation: Spearheaded by the Indian Council of Agricultural Research (ICAR)-National

Rice Research Institute (ICAR-NRRI) in Cuttack, Odisha.

MSDE partners with the Australian Government to energise the Agriculture Sector of India with
emerging skills
● The Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with the
Australian Government, recently hosted a productive roundtable focusing on the outcomes of the
Australia-India Critical Agriculture Skills Pilot Project.
● Led by Shri Atul Kumar Tiwari, Secretary of MSDE, and Mr. Mathew Johnston, Minister
Counsellor of Education and Research at the Australian High Commission, the roundtable aimed
to discuss the project's achievements and future prospects for scaling and replicating its success
in other sectors.
Tata Electronics and Synopsys Collaborate on Semiconductor Technology

● Tata Electronics has entered into a memorandum of understanding (MoU) with US-based chip
design leader Synopsys to enhance process technology and foundry design capabilities at
India’s first semiconductor fab in Dholera.

Areas of Collaboration:

● Technology CAD Flow: Establishing a robust Technology Computer-Aided Design (TCAD) flow
 for precise technology transfer.

● Process Design Kits (PDK) and Design Enablement: Developing essential kits and enabling
designs for efficient semiconductor manufacturing.

● Tata Electronics plans India’s first fab in Dholera, Gujarat, with an investment of Rs 91,000 crore.

IIT-Madras and University of Leeds launch Joint Centre of Excellence in Sustainability

● The Indian Institute of Technology Madras (IIT Madras) and the University of Leeds, UK have
signed a Memorandum of Understanding (MoU) to establish the Joint Virtual Centre of
Excellence on Sustainable Development (VCoE-SD).
● This collaborative initiative aims to foster impactful research and innovation towards achieving
sustainable development goals.
Sri Lanka To Sign Debt Restructuring Agreements With India & Japan
● Sri Lanka is set to sign agreements with India and Japan to restructure bilateral debt, marking
significant progress in its economic recovery efforts.
● Sri Lanka’s Foreign Minister, M.U.M. Ali Sabry, was quoted by agencies as saying that Sri Lanka
President Ranil Wickremesinghe had given an update on the progress in the matter to all
members of the Cabinet
● Current Status: Sri Lanka has been in negotiations with the Paris Club, India, and China since
declaring sovereign default in 2022.
● Financial Support: India's substantial assistance of over USD 4 billion was pivotal during Sri
Lanka's economic crisis, addressing forex shortages and essential supply disruptions.
ONGC and IOCL Sign MoU for Small-Scale LNG Plant

● State-run Oil and Natural Gas Corporation Limited (ONGC) has signed a memorandum of
understanding (MoU) with Indian Oil Corporation Limited (IOCL) to establish a small-scale
Liquefied Natural Gas (LNG) plant near the Hatta Gas Field in the Vindhyan Basin.

Upgrading the Vindhyan Basin

● Current Status: Category II Basin

● Post-Plant Status: Upgraded to Category I Basin

o Category I Basins: Proven hydrocarbon resources with established commercial

 production.

o Category II Basins: Contingent resources yet to be converted to recoverable reserves and

commercial production.

About ONGC

● Founded: August 14, 1956, by the Government of India.

● CEO: Arun Kumar Singh

● Headquarters: Delhi, India

● Ownership: Central public sector undertaking under the Ministry of Petroleum and Natural Gas,
Government of India.

Department of Animal Husbandry and Dairying signed an agreement with the National Dairy
Development Board for execution of works of Upgradation of Biocontainment Facility and associated
repair works
● The Department of Animal Husbandry and Dairying (DAHD), Ministry of Fisheries, Animal
Husbandry, and Dairying has signed an agreement with the National Dairy Development Board
(NDDB) for the upgradation of the Biocontainment Facility and associated repair works at the
Chaudhary Charan Singh National Institute of Animal Health (CCSNAIH), Baghpat.
● Project Title: Upgradation of Biocontainment Facility and Associated Repair Works
● Location: CCSNAIH, Baghpat
● Estimated Budget: ₹160 Crores
● Execution Timeline: 20 months
● CCSNAIH, Baghpat, is an apex laboratory under DAHD, responsible for the quality assessment
of veterinary vaccines and diagnostics in India.
Adani Defence, Thales Tie Up To Make Rockets In India
● Adani Defence & Aerospace has signed an agreement with Thales Group to manufacture rockets
in India.
● This partnership supports the Indian government's "Make in India" initiative.
● Significance of the Partnership : Thales Group highlights the partnership's importance for their
commitment to India and their global partner network.
VIT, Nokia sign MoU for collaborative research on 5G

● Vellore Institute of Technology (VIT) signed a memorandum of understanding (MoU) with Nokia
to pursue 5G and next-generation collaborative research with artificial intelligence (AI) and
machine learning applications.
● Through this MoU, VIT and Nokia will focus on key areas like new study areas in 5G, AI-
enhanced communication, digital twin, radio-based sensing, connected aerial vehicles, eHealth,
cloud technologies and automation, zero-touch mobile networks, etc.

RANKING AND REPORTS

Gautam Adani reclaims Asia's richest person tag from Mukesh Ambani, net worth surges to $111 billion
• In a significant development, Gautam Adani, chairman of the Adani Group, has regained the title
of Asia’s richest person, surpassing Mukesh Ambani, head of Reliance Industries.
• This milestone follows a surge in the stock prices of the listed companies within Adani’s diverse
conglomerate.
• Adani’s Wealth and Global Ranking According to the Bloomberg Billionaires Index, Mr. Adani’s
net worth now stands at an impressive $111 billion, making him the 11th richest person in the
world.
• In comparison, Mr. Ambani’s wealth of $109 billion places him at the 12th position globally.
Brihanmumbai Municipal Corporation Announces Climate Budget Report For Financial Year 2024-25
• On the occasion of World Environment Day, the Brihanmumbai Municipal Corporation (BMC)
launched its inaugural Climate Budget Report for 2024-25.
• With this initiative, BMC has emerged as the first municipal corporation in India and the fourth
globally, following Oslo, New York, and London, to release such a comprehensive report.
• BMC has allocated Rs 10,224.24 crores for climate-relevant activities, comprising 32.18% of the
total capital expenditure budget.

Nvidia passes Apple as the world's second-most valuable company

● Nvidia has surpassed Apple in market capitalization, becoming the second-most valuable public
company, behind Microsoft.

Market Values:

1. Microsoft: $3.15 trillion

2. Nvidia: $3.019 trillion

3. Apple: $2.99 trillion

● Significance: Nvidia is the world's most valuable semiconductor company and the first computer
chip firm to reach a $3 trillion market capitalization.

About Nvidia Corporation

● Headquarters: Nvidia Corporation is an American multinational corporation headquartered in
Santa Clara, California.

● CEO: Jensen Huang.

Visakhapatnam Port breaks into top 20 rankings in World Bank’s Container Port Performance Index
• Visakhapatnam Port has achieved a noteworthy feat by breaking into the top 20 rankings in the
World Bank’s Container Port Performance Index (CPPI).
• The terminal operator, M/s. Visakhapatnam Container Terminal Private Limited (VCTPL), deserves
commendation for securing the 18th place in this prestigious index.
• The CPPI places exclusive emphasis on quayside performance, assessing the operational efficiency
of ports in receiving and handling container ships.

Infosys is a Top 100 most valuable brand in the world

• Four Indian companies have made it to the list of 100 most valuable global brands this year.
• While Apple has topped the Kantar BrandZ Most Valuable Global Brands Report, Tata
Consultancy Services (TCS), HDFC Bank, Airtel and Infosys from India also made the cut.
• In the 2024 list, TCS has been ranked the 46th most valuable global brand, having a valuation of
around $44.8 billion.
• It is followed by HDFC Bank, in the 47th spot, with a brand value of approximately $43.3 billion.

India is 129th on the Global Gender Gap index

• India slipped two places on the World Economic Forum's Global Gender Gap index to 129th
place as Iceland retained its top position in the rankings.
• In South Asia, India was ranked fifth after Bangladesh, Nepal, Sri Lanka and Bhutan while
Pakistan was ranked last.
 • In the world, Sudan was ranked last on the index of 146 countries while Pakistan fell three places
to 145th.

India most-represented nation on Times Higher Education Impact Rankings 2024

• With 96 institutions, India is the most-represented nation, followed closely by Turkey and
Pakistan, in Times Higher Education (THE) Impact Rankings 2024.
• Amrita Vishwa Vidyapeetham secured 81st rank followed by JSS Academy of Higher Education
and Research, Lovely Professional University (LPU) in Manipal Academy of Higher Education
(MAHE) and Shoolini University of Biotechnology and Management Sciences in the 101-200
band.
• BS Abdur Rahman Crescent Institute of Science and Technology is in the 201-300 band.

Mumbai, and Delhi record real estate price appreciation in double-digit, ranked 3rd and 5th globally
● According to Knight Frank's 'Prime Global Cities Index Q1 2024', Mumbai and New Delhi have
experienced significant annual increases in real estate prices, driven by robust economic growth in
India.
● Meanwhile, Bengaluru observed a slight decline in ranking despite recording a modest 4.8% yearly
growth in residential prices.

● Mumbai's Rise: Mumbai saw a sharp increase in real estate prices due to strong demand across all
segments, particularly higher-value properties.

● Delhi NCR's Growth: Delhi NCR climbed from 17th to 5th place in the global index with a 10.5%
annual price growth.

● Bengaluru's Performance: Bengaluru, while showing growth, slipped slightly in rank from 16th to
17th place.

● Economic Drivers: India's major cities benefited from GDP growth exceeding 8% in FY 2023-24,
bolstering housing demand.

Global Rankings:

● Manila Leads: Manila, Philippines, topped the index with a 26.2% annual price rise, driven by
strong purchasing power and infrastructure investments.
 ● Tokyo's Surge: Tokyo, Japan, ranked 2nd with a 12.5% yearly price growth, attributed to
sustained population growth fueled by internal migration.

Western Sydney University tops THE Impact Rankings again

● THE's Impact Rankings 2024 evaluates a record 2,152 universities across 125 countries/regions
based on their contributions to all 17 UN Sustainable Development Goals (SDGs) as of June 12,
2024.
● Western Sydney University achieves the highest ranking globally, leading in the overall category for
its comprehensive impact across the SDGs.

Country Achievements
● United Kingdom: Holds the top position in five individual SDGs, surpassing all other countries.
● Australia: Dominates the top 10 with four universities in the overall category, showcasing strong
performance.
● Canada and UK: Each has two universities in the top 10 overall rankings.
● United Kingdom: Leads globally with 25 universities in the top 100 overall rankings.

Indian Representation
● Total Universities: India contributes the most universities to the rankings, with 10 5 institutions
assessed.
● Ranking Categories:
❖ Amrita Vishwa Vidyapeetham: Ranked 81st overall in THE University Impact Rankings 2024.
❖ Beyond Top 100: Several Indian institutions, including JSS Academy of Higher Education, Lovely
Professional University, Manipal Academy of Higher Education, and Shoolini University of
Biotechnology and Management Sciences, are placed in the 101-200 rank bracket.
❖ Lower Ranks: IIM Mumbai is in the 601-800 rank range, while Jawaharlal Nehru University (JNU)
secures a position in the 901-1000 rank segment.

Methodology and Coverage

● Assessment Criteria: The rankings assess universities' commitment to sustainability across
research, stewardship, outreach, and teaching.
● League Tables: Results are presented in 18 league tables, one for each SDG and an overall ranking
table.
● Popular SDGs: SDG 4 (Quality Education) and SDG 3 (Good Health and Well-being) are the most
 represented, followed by SDG 5 (Gender Equality).

Virat Kohli is the most valued celebrity with a brand value of $227.9 million
● Kroll, a leading global risk and financial advisory solutions firm, has unveiled the ninth edition of its
Celebrity Brand Valuation Study, ‘Brands, Business, Bollywood.’
● The study reveals significant shifts in the brand values of India's top celebrities for 2023.

Top 5 Celebrity Brand Values:

1. Virat Kohli: The Indian cricketer has reclaimed the top spot with a brand value of $227.9 million.

2. Ranveer Singh: Bollywood star Ranveer Singh takes second place with a brand value of $203.1
million.

3. Shah Rukh Khan: The iconic actor secures third place with a brand value of $120.7 million,
boosted by three blockbuster hits in 2023.

4. Akshay Kumar: Dropping to the fourth position, Akshay Kumar has a brand value of $111.7
million.

5. Alia Bhatt: Rising to fifth place, Alia Bhatt's brand value stands at $101.1 million.

● Overall Market Growth: The combined brand value of the top 25 Indian celebrities in 2023 is
estimated at $1.9 billion, an 18% increase from the previous year.
● Top Digital Platform Advertisements:
⮚ Pepsi: Endorsed by Ranveer Singh.
⮚ Livspace: Endorsed by Anushka Sharma and Virat Kohli.
⮚ JioCinema: Endorsed by Alia Bhatt, MS Dhoni, and Sachin Tendulkar.
● Notable Movements:

✔ Kiara Advani: Jumped from rank 16 to rank 12, showcasing a significant rise in brand
value.

✔ Katrina Kaif: Re-entered the list of India’s most valued celebrity brands after a five-year
hiatus.

Sweden leads, while India ranks 63rd on the Global Energy Transition Index according to the World
Economic Forum (WEF).
 ● According to the Global Energy Transition Index 2024, released by the World Economic Forum
(WEF) India has shown improvement by moving up to the 63rd position out of 120 countries
surveyed.
● This marks an improvement of three ranks from its previous position of 67th in 2023.
● The Global Energy Transition Index provides insights into each country's progress towards
sustainable and equitable energy systems.
● India's upward movement in the ranking reflects its ongoing efforts and initiatives to enhance
energy security, sustainability, and equity.
Key Points from the Global Energy Transition Index 2024:

1. Rankings:

o Top Countries: Sweden has retained its top position in the Index, followed by Denmark,
Finland, Switzerland, and France.

o India's Rank: India improved to 63rd place, reflecting progress in energy equity, security,
and sustainability.

o China was ranked 20th.

2. Global Trends:

o Progress: The report highlights that 107 out of 120 countries have made progress in their
energy transition journeys over the past decade.

About the World Economic Forum

● The World Economic Forum (WEF), founded by German economist Klaus Schwab in 1971, is a
non-profit international organization headquartered in Cologny, Switzerland.
● Its primary mission is to provide a platform for global stakeholders to collaborate and address
common global challenges.
● Headquarters of WEF: Cologny, Switzerland

Other Report Released by WEF

● Energy Transition Index
● Global Travel and Tourism Report
● Global IT Report in collaboration with INSEAD and Cornell University
 ● Global Gender Gap Report
● Global Competitiveness Report

● The Sustainable Development Report (SDR) provides an annual review of progress made by UN
member states on the Sustainable Development Goals (SDGs) since their adoption in 2015.

● Global ProgressTarget Achievement: Only 16% of SDG targets are on track globally for
achievement by 2030.

● Top Performers : European Leaders: Nordic countries dominate, with Finland leading, followed
by Sweden, Denmark, Germany, and France.

● Multilateral Commitment: Barbados tops the list for commitment to UN-based multilateralism. the
United States ranks last.

● India's Position : Ranking: India secures the 109th rank with an overall score of 64.0, indicating
progress towards SDGs.

● SDSN: The report is facilitated by the UN Sustainable Development Solutions Network (SDSN),
promoting practical solutions for SDG achievement globally.

SDSN Overview

● Establishment: SDSN was founded in 2012 by the UN to foster practical solutions for SDG
implementation.

● Global Presence: Secretariats located in Paris, France; Kuala Lumpur, Malaysia; and New York,
US.

Tata, Infosys among most valuable Indian brands: Brand Finance 2024 report
● Tata Group and Infosys have topped Brand Finance's annual report on the most valuable Indian
brands for 15 consecutive years.
● Its brand value increased by 9% over 2023, reaching $28.6 billion, nearing the $30-billion
benchmark for the first time.

Overall Rankings

● The India 100 report by Brand Finance evaluated over 250 Indian brands across various sectors,
including IT, hospitality, automotives, and retail.
Top 10 Most Valuable Indian Brands

1. Tata Group: $28.6 billion

2. Infosys: $14.2 billion

3. HDFC Group: Notable 38% increase in brand value

4. LIC Group

5. Reliance

6. SBI Group: Second most valuable bank in India

7. Airtel

8. HCL Tech: Jumped from 10th to 8th place

9. Larsen & Toubro: New entrant on the list

10. Mahindra

ACQUISITION AND MERGERS

State Bank of India Begins Sale of Personal Guarantees Provided by Formerr Reliance Naval Promoter
Nikhil Gandhi
● State Bank of India (SBI) has commenced the process of selling personal guarantees provided
by Nikhil Gandhi, the former promoter of Reliance Naval and Engineering Limited (R-Naval).

● Reserve Price and Outstanding Dues:The bank has set a reserve price of ₹3.48 crore for the
sale, which is less than 1% of the ₹1,160 crore principal claim made by the bank on the personal
guarantee.
● As of May 31, 2024, SBI reported principal outstanding dues of Rs 1,160 crore and total dues of
Rs 3,512 crore.
About Reliance Naval and Engineering Limited (R-Naval) :
● Founded : 17 October 1997
● It is an Indian shipbuilding and heavy industry company.
● R-Naval is the first private sector company in India to obtain a license and contract to build
warships.
Punjab National Bank Board Approves Selling 10% Stake in Canara HSBC Life Insurance Company
• Punjab National Bank’s (PNB) Board approved the initiation of process for divesting 10%
shareholding in its associate company Canara HSBC Life Insurance through an initial public
offering (IPO) route.
• Currently, PNB holds a 23% stake in Canara HSBC Life Insurance.
• This latest PNB move comes on the heels of the Board of Canara Bank giving its approval for
initiating the process of diluting 14.50 per cent stake in its subsidiary Canara HSBC Life
Insurance.
• Currently, Canara Bank has a 51 per cent stake in the life insurer, while HSBC has a 26 per cent
stake in the joint venture.
About PNB :
• Founded : 19 May 1894
• Headquarters : New Delhi
• MD & CEO : Atul Kumar Goel
About Canara HSBC Life Insurance :
• Founded : 2008
• Headquarters : Gurgaon, Haryana, India
• CEO : Anuj Mathur

CCI approves combination involving acquisition in IRB Infrastructure Trust and MMK Toll Road by
Cintra
• The Competition Commission of India (CCI) has approved the proposed combination involving
acquisition in IRB Infrastructure Trust and MMK Toll Road Private Limited by Cintra.
• Cintra InvIT Investments B.V. (Cintra SPV 1) and Cintra IM Investments B.V. (Cintra SPV 2) are
collectively referred to as “Acquirers” The Acquirers are SPVs (wholly-owned subsidiaries of
Cintra Global S.E.) which have been incorporated in the Netherlands for the purpose of the
Proposed Combination and belong to the Ferrovial group.
About Competition Commission of India:
• The Competition Commission of India (CCI) is the chief national competition regulator in India. It
is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing
 the Competition Act, 2002 to promote competition and prevent activities that have an appreciable
adverse effect on competition in India.
• Formed: 14 October 2003
• Jurisdiction: Republic of India
• Headquarters: New Delhi
• Chairperson: Ravneet Kaur IAS

E-commerce Giant Amazon to Acquire Select Assets of Streaming Service MX Player

● E-commerce and technology giant Amazon has signed an agreement to acquire some assets
from MX Player, a streaming platform owned by Times Internet.
● The deal reportedly values MX Player at less than $100 million.
● This is a significant decrease from its $500 million valuation when it last raised $111 million in
funding in 2019.
● The deal is expected to give a boost to Amazon’s streaming service miniTV.
● Launched in May 2021, Amazon miniTV is a free, ad-supported video service, which is a part of
Amazon’s shopping app.
About Amazon :
● Founded : July 5, 1994
● Headquarters : Seattle, Washington, United States
● Executive Chairman : Jeff Bezos
● President & CEO : Andy Jassy

National Company Law Tribunal Greenlights Merger of Full-Service Carriers Vistara with Competitor Air
India
● The National Company Law Tribunal (NCLT) has approved the merger of Air India and Vistara.
● The merger has resulted in the creation of one of the world's largest airline conglomerates.
● Under the merger deal, Singapore Airlines will own 25.1 % stake in Air India.
● Vistara is a joint venture between Tata Group and Singapore Airlines.
● Air India plans to finalize the merger by the end of the year, with the merger being announced in
November 2022.
● The Chandigarh branch of the NCLT has approved a composite scheme of arrangement, bringing
Air India, Vistara, and Talace under the Tata Group umbrella.

About Air India :

● Founded : 15 October 1932 (Commenced Operations -29 July 1946)
● Headquarters : Gurgaon, Haryana, India
● Chairman : N. Chandrasekaran
● MD & CEO : Campbell Wilson
● The Air India group, which also includes low-cost carrier Air India Express and Air Asia India, has
ordered a staggering 470 jets from Airbus and Boeing, aiming to take on local rivals such as IndiGo and
Middle Eastern carriers that dominate outbound traffic from India.
About Vistara :
● Founded : 2013 (Commenced Operations -9 January 2015)
● Headquarters : Gurgaon, Haryana, India
● Chairman : Bhaskar Bhat
● CEO : Vinod Kannan

Bank of India Acquires 6.125% Stake in Clearing Corporation of India Limited (IFSC) in GIFT SEZ,
Gujarat
• The Bank of India (BoI) has acquired a 6.125% stake in the incorporated Clearing Corporation of
India Limited. (IFSC), listed in the GIFT SEZ (Special Economic Zone) in Gujarat.
• Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to
build and operate a real-time foreign currency settlement system at GIFT City.
• The entity will act as a clearing house and system operator at GIFT City.
About Bank of India :
• Founded : 7 September 1906
• Headquarters : Mumbai,Maharashtra
• MD & CEO : Shri Rajneesh Karnatak
• Bank of India is an Indian public sector bank.

Adani Group's Ambuja Cements to Acquire Penna Cement for Rs 10,422 Crore
● Ambuja Cements, part of the Adani Group, is acquiring Hyderabad-based Penna Cement
 Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore.
● This marks Ambuja Cement's 3rd acquisition in the cement sector since September 2022.
● The acquisition is expected to be completed within 3 to 4 months.
● In April 2024 the Adani company agreed to acquire MyHome Industries’ grinding unit in Tamil
Nadu.
● Ambuja Cements will acquire 100% of the shares of PCIL from its existing promoter group - P
Pratap Reddy and family.
● The acquisition would add 14 million tonnes per annum (mtpa) to its capacity, taking the total
capacity of Adani group’s cement business (ACC-Ambuja consolidated) to 89 mtpa.
● At present, Penna Cement operates a 10 mtpa capacity and has another 4 mtpa under
construction at Krishnapatnam (2 mtpa) and Jodhpur (2 mtpa), expected to be completed in the
next 6 to 12 months.
● The acquisition will improve Adani group’s market share in India's cement business by 2% to
16%.
About Ambuja Cements Limited :
● Founded : 1983
● Headquarters : Mumbai, Maharashtra, India
● Whole-time Director & CEO : Ajay Kapur
● Ambuja Cements Limited, formerly known as Gujarat Ambuja Cement Limited (GACL), is a major
Indian cement producing company.

Airtel Clears Spectrum Acquisition Dues Worth Rs 7,904 Crore from 2012 and 2015

● Bharti Airtel has prepaid ₹7,904 crore to the telecom department, clearing the remaining part of
the payment relating to spectrum bought in 2012 and 2015 auctions, a move which will lead to
interest cost savings.
● This will help Airtel to save interest costs annually and boost cash flows, as its nationwide 5G
rollout nears completion.
● This comes after India's second largest telecom operator prepaid ₹8,325 crore in January 2024,
clearing a sizable chunk of the deferred liabilities.
● With this, the company has fully prepaid all deferred liabilities pertaining to spectrum acquired in
 auction of the year 2012 and 2015 which were at the highest interest cost of 9.75% and 10%
respectively.
About Bharti Airtel :
● Founded : 7 July 1995
● Headquarters : New Delhi, India
● Chairman : Sunil Mittal
● MD & CEO : Gopal Vittal

Paytm in Discussions with Zomato to Divest its Movie and Ticketing Business

● Food delivery major Zomato is in advanced talks to acquire fintech player Paytm’s movie and
event ticketing business, a potential deal that is pegged in the range of Rs 1,600 crore-2,000
crore.
● The talks are taking place at a time when Paytm is focusing on its payments and financial
services business.
● Paytm is refocusing on its core payments and financial services, consolidating its movies
business and insider vertical into a single team.
● Zomato's Investment Strategy:Zomato plans to invest Rs 100 crore in its entertainment business,
particularly in live events and ticketing, signaling its commitment to expand in this segment.
● Financial Details:Paytm's broader marketing services segment, which includes ticketing and
movies, recorded annual sales of approximately $208 million for the financial year ending March
2024.
● Strategic Moves by Paytm:Paytm aims to reduce employee costs and anticipates annualized
savings of Rs 400-500 crore, emphasizing profitability and scaling its larger business units.
● Comparative Acquisition:If finalized, this acquisition would be Zomato's second-largest after
acquiring Blinkit in 2022 for $569 million in an all-stock deal.
● Investment Confirmation by Zomato:Zomato reiterated its investment commitment of Rs 100
crore in Zomato Entertainment, underscoring its growth plans in the live events and ticketing
domain.
About Paytm :
● Founded : August 2010
 ● Headquarters : Noida, Uttar Pradesh, India
● Founder & CEO : Vijay Shekhar Sharma
About Zomato :
● Founded : July 2008
● Headquarters : Gurgaon, Haryana, India
● MD & CEO : Deepinder Goyal

Axis Bank to Invest Up to ₹336 Crore for Additional Stake in Max Life Insurance
● Axis Bank has decided to raise its shareholding in Max Life Insurance for an amount of up to
₹336 crore.
● This transaction would lead to the aggregate shareholding of the Axis Entities going up from
19.02% to 19.99%.
● In 2023-24, Max Life Insurance recorded a Gross Written Premium of ₹29,529 crore.
● In April 2021, Axis Bank and its subsidiaries, Axis Securities and Axis Capital, collectively
acquired a 12% stake in Max Life through a secondary transfer from Max Financial.
About Axis Bank :
● Established : 3 December 1993
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Amitabh Chaudhry
● Tagline : Badhti Ka Naam Zindagi
About Max Life Insurance Company Limited :
● Founded : 2001
● Headquarters : New Delhi, India
● MD & CEO : Prashant Tripathy
Vodafone Sells 18% Stake in Indus Towers for ₹15,300 Crore to Settle Bank Dues

● The British telecom operator Vodafone sold 48.47 crore shares or 18% stake in Indus Towers for
1.7 billion euro (about Rs 15,300 crore) through an accelerated book building offering.
● SBI Mutual Fund and Bharti Airtel were two of the buyers of shares of Indus Towers that were
offloaded by Vodafone Group Plc in bulk deals on the NSE.
● SBI Mutual Fund acquired 3.6 crore shares (1.3% stake) at ₹311.40 per share, totaling ₹1,121
 crore.
● Bharti Airtel acquired 2.7 crore shares (1% stake) for ₹864 crore, increasing its stake in Indus
Towers to nearly 49%.
● Post-Sale Holdings:After the stake sale, Vodafone holds 82.5 million shares, equivalent to a
3.1% shareholding in Indus Towers.
About Vodafone Group :
● Founded : 16 September 1991
● Headquarters : England, United Kingdom
● CEO : Margherita Della Valle
Fairfax India Holdings subsidiary divests 9.7% stake in CSB Bank for $70 million
● Fairfax Group, led by Canadian billionaire Prem Watsa, sold a 9.7% stake in CSB Bank via its
arm FIH Mauritius Investments.
● The transaction took place at an average price of Rs 352.75 per share, amounting to Rs 595.04
crore ($70 million).
About Fairfax Group :
● Founded : 1951
● Headquarters : Ontario, Canada
● Chairman & CEO : V. Prem Watsa
About CSB Bank Limited (erstwhile Catholic Syrian Bank Limited) :
● Founded : 26 November 1920
● Headquarters : Thrissur, Kerala, India
● MD & CEO : Pralay Mondal

DEFENCE NEWS
Indian Air Force Contingent Arrives in Alaska for Multinational Exercise Red Flag 24
• The Indian Air Force (IAF) contingent, comprising eight Rafale fighter jets, one C-17 Globemaster
transport aircraft, and one IL-78 air-refueler, has reached Eielson Air Force Base in Alaska,
United States of America (USA), to participate in Red Flag 24.
• Red Flag 24 is scheduled from May 30 to June 14, 2024, covering an area of approximately
77,000 square miles.
• This year's exercise involves air forces from four countries, including the United States and India.
 • A total of 100 aircraft and 3100 airmen are participating.
About IAF :
• Established : 1932
• Headquarters : New Delhi, Delhi
• Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari
Sub-Lieutenant Anamika Rajeev Earns 'Golden Wings' as Indian Navy's First Female Helicopter Pilot
● A historic passing-out parade took place at Naval Air Station Indian Naval Ship (INS) Rajali in
Arakkonam, Tamil Nadu, celebrating the graduation of the 102nd Helicopter Conversion Course
(HCC) and the completion of the 4th Basic Helicopter Conversion Course (BHCC).
● The event signifies a significant milestone for the Indian Navy, emphasizing its commitment to
gender inclusivity and expanding career opportunities for women.
● Sub-Lieutenant Anamika B Rajeev made history by becoming the Indian Navy's first woman
naval helicopter pilot among the 21 officers who graduated.
Japan-India Maritime Exercise 24 (JIMEX-24) Begins in Yokosuka, Japan
• The Indian Navy's indigenous Stealth Frigate, Indian Naval Ship (INS) Shivalik, arrived at
Yokosuka, Japan, to participate in the bilateral Japan-India Maritime Exercise 2024 (JIMEX 24).
• This marks the 8th edition of JIMEX since its inception in 2012.
• INS Shivalik was warmly welcomed by VAdm ITO Hiroshi, Commander JMSDF Yokosuka
District, and Ambassador Sibi George, Ambassador of India to Japan.
About Indian Navy :
• Founded : 26 January 1950
• Headquarters : New Delhi, Delhi
• Chief of Defence Staff (CDS) : General Anil Chauhan
• Chief of the Naval Staff : Admiral Dinesh K Tripathi

Indian Army Boosts Modernization with "Vidyut Rakshak" Innovation to Enhance Generator Efficiency
• The Indian Army has taken a significant step towards modernization with the launch of “Vidyut
Rakshak,” an in-house innovation designed to enhance generator efficiency.
• This was developed by Maj Rajprasad R S and was recently displayed during “Exercise Bharat
Shakti,” which was witnessed by Prime Minister Narendra Modi.
 • The innovation showcases the Indian Army’s dedication to adopting advanced technologies for
operational efficiency.
About Indian Army :
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Army Staff : General Manoj Pande

Indian Army Introduces Indigenous Nagastra-1 Kamikaze Drones Manufactured by Solar Industries

● The Indian Army has inducted Nagastra-1, India's first indigenous loitering munition developed by
Nagpur-based Solar Industries.
● Nagastra-1, operating in a "kamikaze mode," boasts the capability to neutralise hostile threats
with GPS-enabled precision strikes, exhibiting an impressive accuracy of 2 metres.
Specifications:
● Weight: 9 kilograms
● Endurance: 30 minutes
● Man-in-loop range: 15 kilometres
● Autonomous mode range: 30 kilometres
● Electric propulsion system ensures low acoustic signature, undetectable by adversaries at
heights over 200 metres.
● Order and Delivery:The Indian Army placed an order for 480 Loiter Munitions with Economics
Explosives Ltd (EEL), a subsidiary of Solar Industries, under an emergency purchase agreement.
● Economics Explosives Limited (EEL), in collaboration with Z-Motion Autonomous Systems
Private Limited, Bangalore, has spearheaded the development of Nagastra-1, with over 75%
indigenous content.
● This man-portable system, weighing 30 kilograms in two rucksacks, comprises essential
components such as the Ground Control Station, Communication Control, Payload, and
Pneumatic Launcher.
About Indian Army :
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Army Staff : General Manoj Pande
India to host its 1st multinational air exercise Tarang Shakti in August 2024

● The Indian Air Force (IAF) will host its first multinational air exercise, Tarang Shakti-2024, in
August 2024.
Participating Countries:
● The exercise will likely see participation from 10 countries, including Australia, France, Germany,
Japan, Spain, the United Arab Emirates, the United Kingdom, and the United States.
● Additional countries will participate as observers.
Purpose and Interoperability:
● To invite friendly foreign countries with which the IAF has regular interactions and a certain
degree of interoperability.
Scheduling and Phases:
● Tarang Shakti-2024 was initially planned for the end of 2023 but got deferred.
● It will be conducted in two phases:
1. The first phase will be in southern India in the first two weeks of August.
2. The second phase will be in the western sector from the end of August to mid-September.
Specific Contributions:
● Germany will deploy fighter jets and an A-400M transport aircraft, which is a contender for the
IAF's tender for medium transport aircraft.
About IAF :
● Established : 1932
● Headquarters : New Delhi, Delhi
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari

Indian Air Force Contingent Participates In Exercise Red Flag 2024 Conducted At Eielson Air Force
Base, Alaska

● An Indian Air Force (IAF) contingent participated in the Exercise Red Flag 2024 conducted at
Eielson Air Force Base, Alaska of the United States Air Force, from 04 June to 14 June 2024.
● This was the 2nd edition of Red Flag 2024, an advanced aerial combat training exercise held 4
 times a year by the US Air Force (USAF).
Key Highlights :
● International Participants:Participating forces included the IAF, Republic of Singapore Air Force
(RSAF), Royal Air Force (RAF) of the United Kingdom, Royal Netherlands Air Force (RNLAF),
German Luftwaffe, and the USAF.
● IAF Deployment:The IAF contingent participated with the Rafale aircraft and personnel
comprising aircrew, technicians, engineers, controllers and subject matter experts.
● The transatlantic ferry of Rafale fighter aircraft was enabled by the IL-78 Air to Air Refuellers
(AAR), while the transportation of personnel and equipment was undertaken by the C-17
Globemaster aircraft.
● The contingent landed at Eielson, USAF base in Alaska on 29 May 2024.
● Historic Participation:This was the first time IAF Rafale aircraft participated in Exercise Red Flag,
operating alongside RSAF and USAF F-16s, F-15s, and USAF A-10 aircraft.
● Exercise Missions : The missions included Beyond Visual Range (BVR) combat exercises as a
part of Large Force Engagements (LFE), in Offensive Counter Air and Air Defence roles.
About Exercise Red Flag :
● Red Flag is an air combat exercise conducted with multiple scenarios designed to provide
realistic combat settings.
● A demarcation of forces is done for simulating the desired environment, with the Red Force
simulating Air Defence elements, and the Blue Force simulating the Offensive Composite
elements.
Note :
● The first Red Flag exercise was conducted in compliance with General Dixon's schedule on 29
November 1975 and included 37 aircraft, supported by 561 personnel, flying some 552 sorties.

Anil Chauhan releases India’s First Joint Doctrine for Cyberspace Operations
● The Chief of Defence Staff General Anil Chauhan released India’s first joint doctrine for
cyberspace operations, acknowledging that cyberspace has emerged as a crucial and
challenging domain in modern warfare.
What is Cyber Warfare?
● Cyber warfare is actions taken in cyberspace (dynamic and virtual space that connects the
 different computer systems) by state or non-state actors that
● Are conducted in response to a perceived threat against a nation’s security.
● Unlike territorial limits in the traditional domains of warfare (such as land, sea, and
air), cyberspace is a global common and hence has shared sovereignty.
● Hostile actions in cyberspace can impact the nation’s economy, cohesion, political decision-
making, and the ability to defend itself.
● Cyber Surakshit Bharat: It was launched by the MeitY with the National Electronic Governance
Division (NeGD) to ensure more awareness about the latest cybercrimes and the cybersecurity
challenges of India.
● Cyber Swachhta Kendra: It provides free tools for malware analysis and helps improve the
security of systems and devices.
● National Cybersecurity Policy 2013: It provides a framework for creating a secure cyber
ecosystem and aims to protect information and other critical infrastructure.
● NCIIPC: The National Critical Information Infrastructure Protection Centre (NCIIPC) was
established for the protection of critical information infrastructure in the country.
● Indian Cyber Crime Coordination Centre (I4C): The Central Government has rolled out a scheme
for the establishment of I4C to handle issues related to cybercrime in the country in a
comprehensive and coordinated manner.

Indian Army launches first skin bank for advanced care of personnel and families

● The Indian Army announced the opening of a state-of-the-art skin bank facility at the Army
Hospital (Research & Referral).
● The facility offers the latest modern treatment for severe burn injuries received by armed forces
personnel and their families.
● This will be the first of its kind to be established within the Armed Forces Medical Services to
cater to the three kinds of patients the Army hospitals see: injuries from domestic fire accidents,
electrical incidents, and kerosene warmers jawans and officers use to keep themselves warm at
high altitudes.
● The MoD stated that the facility will adhere to the highest quality control and safety standards,
ensuring the integrity and reliability of the skin grafts.
● The skin bank now completes the organ donation programme the Army is pushing to save the
 lives of its soldiers and their families.
● The Army Hospital (R&R) already has a set of skin, donated on May 29, in its bank.
● A doctor explained that only a few millimetres from the top layer, not the entire skin, is scalped
through an instrument, ‘electrical dermatomes’.
● To keep the sensitivity of family members of organ donors, the Army doctors take out skin only
from the lower limbs and back and leave hands and other portions of the dead to avoid the body
getting mutilated.
● The skin is then immersed in 85% glycerol solution and kept at a certain desired temperature in a
refrigerator so that it’s alive for grafting or transplant, Army hospital sources pointed out.

Mazagon Dockyard Limited in Advanced Negotiations with Defence Ministry for ₹35,000 Crore Kalvari
Submarine Agreement
● Talks on acquiring additional Kalvari-class (Scorpene) submarines for the Indian Navy have
progressed, with state-owned Mazagaon Dockyard Limited (MDL) in advanced discussions for a
potential ₹35,000-crore deal that will help boost India's underwater strength.
● The new submarines -3 additional Kalvari-class which are under negotiation -- will be larger than
their predecessor and will be packed with modern electronics that will give them better strength
and longer endurance.
● Indigenous Content: At least 60% of the new submarines' content will be indigenous, involving
Indian sub-suppliers and the MSME sector, ensuring significant technology transfer and local job
creation.
● Current Projects:MDL is Currently constructing the Kalvari-class submarines under Project 75
with French assistance.
● The sixth and final submarine of the current batch is likely to be delivered by the end of this year
About Indian Navy :
● Headquarters : New Delhi, Delhi
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Naval Staff : Admiral Dinesh K Tripathi
About Mazagon Dock Shipbuilders Limited (MDL) :
● Founded : 1934
● Headquarters : Mumbai, Maharashtra, India
 ● Chairman & MD : Sanjeev Singhal
● MDL is a public sector undertaking managed by the Ministry of Defence, with the Government of
India holding an 84.83% stake.

Indian Army Constructs 150-Foot Suspension Bridge in 48 Hours

● Indian Army engineers constructed a 150-foot suspension bridge in north Sikkim in less than 48
hours.
● The bridge was built over a river with water flowing at speeds exceeding 20 knots.
● The bridge re-established connectivity to border villages that were cut off due to heavy rains in
parts of Sikkim.
● It provided crucial relief to the local population by restoring access to essential resources.
About Indian Army :
● Founded : 26 January 1950
● Headquarters : New Delhi
● Chief of Defence Staff (CDS) : General Anil Chauhan
● Chief of the Army Staff (COAS) : General Manoj Pande

Defence Services Staff College, Wellington and Defence Services Command and Staff College, Dhaka
Partner in Strategic and Operational Studies
● Defence Services Staff College (DSSC), Wellington,Tamil Nadu (TN) and Defence Services
Command and Staff College (DSCSC), Mirpur, Dhaka,Bangladesh have inked a Memorandum of
Understanding (MoU) for cooperation concerning Military Education in the field of Strategic and
Operational Studies.
● Aim : To enhance bilateral engagements and cooperation between the two military colleges.
● The MoU was signed during the official state visit of PM Sheikh Hasina of Bangladesh to India on
22nd June 2024, highlighting its significance in bilateral relations.
About DSSC :
● Established : 1905
● Location :Wellington Cantonment, Nilgiris district, Tamil Nadu, India
● Commandant : Lieutenant General Virendra Vats
About DSCSC :
● Established : 1977
● Location : Mirpur, Dhaka, Bangladesh
● Commandant : . Faizur Rahman

DRDO Transfers Medium Range-Microwave Obscurant Chaff Rocket to Indian Navy

● The Defence Research and Development Organisation (DRDO) handed over the Medium
Range-Microwave Obscurant Chaff Rocket (MR-MOCR) to the Indian Navy at a ceremony held
in New Delhi.
What is meant by Microwave Obscurant Chaff?
● MOC, a niche technology developed by DRDO’s Defence Laboratory in Jodhpur, obscures radar
signals and creates a microwave shield around platforms and assets, thus reducing radar
detection.
● Trials and Demonstrations : The Phase-I trials of MR-MOCR were successfully conducted on
Indian Navy ships, demonstrating the MOC cloud blooming and being persistent in space.
● In Phase-II trials, the Radar Cross-Section (RCS) reduction of an aerial target to the extent of
90% has been demonstrated and cleared by the Indian Navy.
About DRDO :
● Formed : 1958
● Headquarters : New Delhi,India
● Chairman : Sameer V. Kamat
● The DRDO is an agency under the Department of Defence Research and Development in the
Ministry of Defence of the Government of India.
About Indian Navy :
● Headquarters : New Delhi, Delhi
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Naval Staff : Admiral Dinesh K Tripathi

Mazagon Dock Shipbuilders Granted "Navratna" Status by the Department of Public Enterprises
● Mazagon Dock Shipbuilders has been granted "Navratna" status by the Department of Public
 Enterprises.
● It has become the country's 18th PSU to have been accorded this status.
● Investment Capacity: Authorized to undertake investments up to ₹1,000 crore without requiring
approval from the central government.
● Investment Limitations: Allowed to invest up to 30% of their net worth within a year, provided it
does not exceed ₹1,000 crore.
Criteria for Navratna Status :
● A Navratna company is also allowed to form Joint Ventures, alliances and establish subsidiaries
abroad.
● In order to become a Navratna company, the PSU should first be a Miniratna company.
Performance Criteria:
● Rating Requirement: Must have consistently received an outstanding rating under the
Memorandum of Understanding System for at least three out of the last five years.
● Composite Score: Needs to achieve a composite score of 60 or above across 6 key performance
areas:
1. PBDIT to Capital Employed (15%)
2. Manpower Cost to Cost of Production or Services (15%)
3. Earnings per Share (10%)
4. Net Profit to Net Worth (25%)
5. PBIT to Turnover (15%)
6. Inter-Sectoral Performance (20%)
About Mazagon Dock Shipbuilders Limited (MDL) :
● Founded : 1934
● Headquarters : Mumbai, Maharashtra, India
● Chairman & MD : Sanjeev Singhal
● MDL is a public sector undertaking managed by the Ministry of Defence, with the Government of
India holding an 84.83% stake.

Ministry of Defence Signs 350th iDEX Contract for Miniaturized Satellite

● The 350th contract under the Innovations for Defence Excellence (iDEX), the flagship initiative of
 the Ministry of Defence (MoD) was signed with SpacePixxel Technologies Private Limited for the
design and development of a ‘miniaturised satellite capable of carrying electro-optical, infrared,
synthetic aperture radar, and hyperspectral payloads up to 150 kgs.
● Signatories: The contract was exchanged between Anurag Bajpai, Additional Secretary (Defence
Production) & CEO, Defence Innovation Organisation (DIO), and Awais Ahmed Nadeem Alduri,
Founder and CEO of SpacePixxel Technologies.
● This challenge is being led by the Indian Air Force (IAF).
● The 150th iDEX contract was signed in December 2022.
● iDEX is the flagship initiative of the Ministry of Defence, launched in 2018.

ABHYAS High-Speed Expendable Aerial Target Successfully Completes Developmental Trials with
Enhanced Booster Configuration
● The Defence Research and Development Organisation (DRDO) has successfully completed six
consecutive developmental trials of High Speed Expendable Aerial Target (HEAT) ‘ABHYAS’
with improved booster configuration from the Integrated Test Range (ITR), Chandipur, Odisha.
● With this, ABHYAS has successfully completed 10 developmental trials demonstrating the
reliability of the system.
About ABHYAS :
● ABHYAS has been designed by DRDO’s Aeronautical Development Establishment, Bengaluru,
and developed through Production Agencies - Hindustan Aeronautics Limited & Larsen & Toubro
(L&T).
● The booster has been designed by Advanced Systems Laboratory and the navigation system by
Research Centre Imarat.

Indian Naval Ship Sunayana arrives at Port Victoria, Seychelles, as part of extended deployment in the
Indian Ocean Region
● Indian Naval Ship (INS) Sunayna entered Port Victoria, Seychelles, on 26 June 2024 as part of
her long-range deployment in the South Western Indian Ocean Region (IOR).
● The ship's visit coincides with the celebration of 48th National Day of Seychelles on 29 June 24.
● The deployment of an Indian Naval ship marks sustained participation of an Indian military
contingent since 1976 reaffirming bonhomie between the two nations.
INS Shivalik Arrives at Pearl Harbour to Participate in RIM of the Pacific Exercise (RIMPAC) – 24
● Indian multi-role stealth frigate Indian Navy Ship (INS) Shivalik, mission deployed in the South
China Sea and North Pacific Ocean, has reached Pearl Harbour in Hawaii to take part in the Rim
of the Pacific (RIMPAC) exercise, which is the world's largest naval exercise.
● INS Shivalik sailed into Pearl Harbour on completion of JIMEX 24, a bilateral exercise between
India and Japan.
Exercise Phases :
● The harbour phase of the exercise from 27 June to 07 July 2024 will see participation in multiple
symposiums, exercise planning discussions, sports competitions and reciprocal deck visits.
● The sea phase of RIMPAC – 24, divided into three sub-phases will witness ships undertaking
basic and advanced level integration exercises during the first two sub-phases.
Participants :
● The exercise will witness the participation of an Aircraft Carrier Battle Group, submarines,
maritime reconnaissance aircraft, unmanned aerial vehicles, remotely piloted surface ships and
also an amphibious force landing operations including joint operations with special forces of
multinational navies.
● INS Shivalik's participation in RIMPAC-24, 9000 Nautical Miles away from Indian coast Stands
testimony to the Indian Navy's capability to operate in any part of the world.
● INS Shivalik is an indigenously designed and built 6000 tonnes guided missile stealth frigate.
● Note : The first RIMPAC, held in 1971, involved forces from Australia, Canada, New Zealand, the
United Kingdom (UK), and the United States (US).

SCIENCE & TECHNOLOGY

China Lands Uncrewed Craft on Moon's Far Side, Achieving Milestone in Lunar Sample Retrieval
Mission
• China landed an uncrewed spacecraft on the far side of the moon, overcoming a key hurdle in its
landmark mission to retrieve the world’s first rock and soil samples from the dark lunar
hemisphere.
• The Chang'e-6 spacecraft is equipped with an array of tools and its own launcher.
• This is the 6th mission in the program.
 • Chang'e-6 was launched on May 3 using China's Long March 5 rocket from the Wenchang
Satellite Launch Center in Hainan, China.
About China:
• President: Xi Jinping
• Capital: Beijing
• Currency: Renminbi

IIT Madras Startup Agnikul Cosmos Launches World's First Rocket Featuring Fully 3D-Printed Engine
• In a remarkable achievement, IIT Madras’ startup, Agnikul Cosmos, has launched the world’s first
rocket with a single-piece three-dimensional (3D) printed engine.
• The rocket Agnibaan SOrTeD (SubOrbital Technological Demonstrator) is also India’s first semi-
cryogenic engine-powered rocket launch that was completely designed and manufactured
indigenously.
• It was launched from India’s first privately developed launchpad called ‘Dhanush’ established by
Agnikul at Sriharikota in Andhra Pradesh.
About Agnikul Cosmos Private Limited :
• Established : 2017
• Headquarters : Chennai, Tamil Nadu
• CEO : Srinath Ravichandran
• It is an Indian aerospace manufacturer based in National Centre for Combustion R&D (NCCRD) of
IIT Madras, Chennai

European Space Agency Launches EarthCARE Mission to Study Clouds and Aerosols in Earth's
Climate
• Earth Cloud Aerosol and Radiation Explorer (EarthCARE) satellite, a joint mission of ESA
(European Space Agency) and JAXA (Japan Aerospace Exploration Agency), has been
successfully launched.
• It aims to examine the role clouds and aerosols play in reflecting incident solar radiation back to
space while trapping the infrared radiation emitted from Earth’s surface.
• The satellite was launched aboard a SpaceX Falcon 9 rocket from the Vandenberg Space Force
Base in California, United States of America (USA) on May 29, 2024.
About ESA :
• Established : 30 May 1975
• Headquarters : Paris, France
• Director General : Josef Aschbacher
• The ESA is a 22-member intergovernmental body devoted to space exploration.
About JAXA :
• Established : 1 October 2003
• Headquarters : Chōfu, Tokyo, Japan
• Administrator : Hiroshi Yamakawa

Pakistan Launches Multi-Mission Communication Satellite - PAKSAT MM1 with China's Assistance
• Pakistan launched a multi-mission communication satellite named PAKSAT MM1 for faster
internet connectivity with the help of its all-weather ally China, making it Islamabad’s second
satellite to be sent into orbit within a month.
• The Multi-Mission Communication Satellite,, was launched from the Xichang Satellite Launch
Center in China’s southwestern province of Sichuan.
• The satellite would “provide the best internet facilities across Pakistan” and help improve
television broadcasts, cellular phones and broadband services.
• Pakistan’s Space and Upper Atmosphere Research Commission (Suparco) stated that the
satellite’s launch was a part of the National Space Programme 2047.
About Pakistan:
• President: Asif Ali Zardari
• Prime Minister : Shehbaz Sharif
• Capital: Islamabad
• Currency: Pakistani Rupee

Google Terminates More Than 50 Workers Over Protests Against Israel Cloud Deal
• A significant cloud computing and artificial intelligence initiative undertaken by Google in
collaboration with the Israeli government, aimed at enhancing the latter's technological
capabilities, particularly amidst the ongoing Gaza conflict.
 • Employees at Google's offices in New York and Sunnyvale, California, organized sit-in protests
against the company's involvement in Project Nimbus.
• These protests were led by the group No Tech For Apartheid.
About Google :
• Founded : September 4, 1998
• Headquarters : Googleplex, Mountain View, California, United States
• CEO : Sundar Pichai
Russian Cosmonaut Oleg Kononenko Sets Record as First Person to Spend 1,000 Days in Space
● Oleg Kononenko, a 59-year-old Russian cosmonaut, has become the first person to spend 1,000
days in space.
● Kononenko achieved this milestone through five journeys to the International Space Station (ISS)
starting from 2008.
● His current trip to the ISS began on September 15, 2023, launching alongside NASA astronaut
Loral O'Hara and compatriot Nikolai Chub.
About Roscosmos :
● Founded : 25 February 1992
● Headquarters : Moscow, Russia
● Administrator : Yury Borisov
● It is a state corporation of the Russian Federation responsible for space flights, cosmonautics
programs, and aerospace research.
Indian-American Astronaut Sunita Williams Becomes First Woman to Pilot New Spacecraft on Its
Maiden Crewed Test Flight
● Sunita Williams and Butch Wilmore became the first people to fly to space in a Boeing Starliner
during its first-ever crewed flight.
● Indian-Origin NASA astronaut Sunita Williams made history by being the first female pilot of a
newly developed human-rated spaceship.
● On June 5, 2024, the crew was launched from Space Launch Complex-41 at the Cape Canaveral
Space Force Station in Florida to board the Atlas V rocket of United Launch Alliance.

Indian Space Research Organisation Unveils Thermal Infra-Red Imaging Satellite for High-resolution
Natural Resource Assessment: Indo-French Infrared Earth Observation Mission for Global Surface
Temperature and Water Management
• The Space agency Indian Space Research Organisation (ISRO) has announced a joint Indo-French
infrared earth observation satellite mission, TRISHNA (Thermal Infra-Red Imaging Satellite for High-
Resolution Natural Resource Assessment), to monitor surface temperature and water management
around the world.
• Data Collection: The satellite will provide data on climate impacts through evapotranspiration
monitoring, measuring water evaporation from land and plants.
• Monitoring Parameters: TRISHNA will monitor thermal anomalies, heat emission from land, surface
energy, urban heat islands, and other global parameters related to heat.
About ISRO :
● Established: 15 August 1969
● Headquarters: Bangalore, Karnataka, India
● Chairman: S. Somanath

Indian Space Research Organisation Unveils Aditya-L1 Images of the Sun Captured During May Solar
Storm
● The Indian Space Research Organisation (ISRO) has released stunning images of the Sun
captured by the Aditya L1 satellite during a major geomagnetic storm in May, 2024.
● The mission aims to study the Sun, marking India's first space-based solar observatory.
● The two remote sensing payloads, namely the Solar UltraViolet Imaging Telescope (SUIT) and
the Visible Emission Line Coronagraph (VELC), along with other payloads, captured these
images from the Lagrange point (L1)in space.
About ISRO :
● Established: 15 August 1969
● Headquarters: Bangalore, Karnataka, India
● Chairman: S. Somanath

IISc researchers develop sustainable methods to remove heavy metal contaminants from groundwater

• Researchers at the Centre for Sustainable Technologies (CST), Indian Institute of Science (IISc),
have developed a novel remediation process for removing heavy metal contaminants such as
arsenic from groundwater.
 • The three-step method, which is patent-pending, also ensures that the removed heavy metals
are disposed of in an environment-friendly and sustainable manner, instead of sending untreated
heavy metal-rich sludge to landfills from where they can potentially re-enter groundwater,
Bengaluru-based IISc stated in a release, stated a report.

Scientists Identify "super fluffy" exoplanet with Density Comparable to Cotton Candy
● Researchers have discovered a "super fluffy" exoplanet, 50% larger than Jupiter and weighing
only a 7th of it, giving it a "cotton candy"-like density.
● The new, "fluffy" planet has been named 'WASP-193b' and was found to be located about 1,200
light years away from Earth, roughly equivalent to 10,800 trillion kilometres.
● The planet is so light that it's difficult to think of an analogous, solid-state material.
● The reason why it's close to cotton candy is because both are pretty much air.
● WASP-193b is the 2nd-lightest planet discovered so far, after the smaller, Neptune-like world,
Kepler 51d.
● The exoplanet was initially spotted by the Wide Angle Search for Planets (WASP), an
international collaboration of academic institutions.
● Astronomers had determined that the star's periodic dips in brightness were consistent with a
planet passing in front of it every 6.25 days.
● In this study, the researchers used data from observatories based in the Atacama Desert, Chile,
to measure the planet's weight.
● Their calculations revealed an "extremely low density" for the planet - 0.059 grams per cubic
centimetre

Scientists from Physical Research Laboratory Discover Three New Craters on Mars
● The scientists of Ahmedabad-based Physical Research Laboratory (PRL) have discovered three
new craters on Mars.
● They have been discovered in the Tharsis volcanic region on Mars.
● On the recommendation of the PRL, the International Astronomical Union (IAU) Working Group
for Planetary System Nomenclature approved naming the three craters on Mars.
Naming of Craters :
● One crater has been named “Lal crater” after Prof. Devendra Lal, a renowned Indian geophysicist
 and former director of PRL from 1972-1983.
● It is a 65 km wide crater, centred at -20.98° and 209.34°.
● The second crater has been named “Mursan crater” after a town in Uttar Pradesh, India.
● Mursan crater is a ~10 km wide crater superimposed on the eastern side of the rim of the Lal
crater.
● The third crater is “Hilsa crater”.
● It is a ~10 km wide crater superimposed on the western side of the rim of the Lal crater.
● It is named after a town in Bihar, India.
What is a Crater?
● A crater is a depression or hole on the surface of a planetary body.
● Craters are typically formed by the impact of objects (such as meteorites) or by geological
processes like volcanic activity or explosions.
About Physical Research Laboratory (PRL) :
● Established : 1947 by Dr. Vikram Sarabhai, who is considered the father of India’s space
program.
● Location : Ahmedabad, Gujarat, India
● Director : Anil Bhardwaj
● The PRL is a National Research Institute for space and allied sciences, supported mainly by the
Department of Space, Government of India.
About International Astronomical Union :
● Established : 28 July 1919
● Headquarters : Paris, France
● President : Debra Meloy Elmegreen
● General Secretary : Piero Benvenuti (interim)
● The IAU is an international non-governmental organization (INGO) with the objective of
advancing astronomy in all aspects, including promoting astronomical research, outreach,
education, and development through global cooperation.

Woman-Led Start-up Develops 'Divya Drishti', a Cutting-Edge AI Personal Identification Tool Under
Technology Development Fund
● A woman-led start-up, Ingenious Research Solutions Private Limited, developed 'Divya Drishti',
 an Artificial Intelligence (AI)-based tool combining facial recognition with gait analysis.
● This innovative solution marks a “significant advancement” in biometric authentication
technology, offering “enhanced accuracy and reliability” in identifying individuals.
● The start-up was established by woman entrepreneur Shivani Verma after winning the
prestigious ‘Dare to Dream 2.0’, a pan India theme-based contest organised by the Defence
Research and Development Organisation (DRDO).

Key Highlights :
● Technical Features:'Divya Drishti' integrates face recognition with immutable physiological
parameters like gait and skeleton analysis.
● This dual approach improves identification accuracy, suitable for sectors including defence, law
enforcement, corporate security, and public infrastructure.
● Support and Mentoring : The tool has been developed under the technical guidance and
mentoring of the Centre for Artificial Intelligence & Robotics (CAIR), a laboratory of the DRDO
based in Bengaluru.
● The initiative is supported by the DRDO's Technology Development Fund (TDF), aimed at
promoting start-ups in defence and aerospace sectors for 'Aatmanirbhar Bharat'.
About DRDO :
● Formed : 1958
● Headquarters : New Delhi,India
● Chairman : Sameer V. Kamat
● The DRDO is an agency under the Department of Defence Research and Development in the
Ministry of Defence of the Government of India.

Catalytic boost for cheaper biodiesel production

● A team of scientists from Assam, Odisha, China, and the United Kingdom have developed a
water-repellent catalyst that can cut the cost of producing “environmentally benign” biodiesel
substantially from the current levels.
● The process of arriving at the “spherical superhydrophobic activated carbon catalyst” to withstand
water by-product during the production of biodiesel – pursued as a substitute for diesel, an
exhaustible fossil fuel – has been published in the latest issue of the peer-reviewed Advanced
 Functional Materials, a high impact journal of the international materials science community.
● The authors of the study are Arpita Das, Kangkana Saikia, and Samuel Lalthazuala Rokhum of
Southern Assam’s Department of Chemistry, National Institute of Technology (NIT) in Silchar,
Chandrakanta Guchhait and Bimalendu Adhikari of NIT Rourkela in Odisha, Da Shi of the
University of Cambridge in the United Kingdom, and Hu Li of the Guizhou University in China.

Google brings Gemini mobile app to India with support for 9 Indian languages

● Google has launched the Gemini app in India, supporting 9 Indian languages.
● The AI chatbot, which was only available in English, now lets users type or talk in Hindi, Bengali,
Gujarati, Kannada, Malayalam, Marathi, Tamil, Telugu and Urdu.
● To get Gemini on Android, users can either download the app from the Play Store or opt-in
using Google Assistant.
● As for iOS, Gemini will be accessible from the Google app in the coming weeks.
● Similar to Google’s previous voice assistant, which appears as an overlay, you can summon
Gemini by saying ‘Hey Google’.
● Just like OpenAI’s ChatGPT, you can use the Gemini app can help you draft messages, help
write emails, analyse images and upload files and ask questions about them.
● The chatbot can also search the internet for information on your behalf and is integrated with
various Google services like Gmail and Maps.
● Powered by Gemini 1.0 Pro, the free-to-use AI chatbot also offers a paid option that gives access
to Gemini Advanced based on Gemini 1.5 Pro, an advanced large language model with a 1
million token context window.

Indian Space Research Organisation Successfully Completes 3rd and Final 'Pushpak' Reusable Launch
Vehicle Landing Test
● The Indian Space Research Organisation (ISRO) successfully conducted the third and final
landing experiment of its Reusable Launch Vehicle (RLV) ‘Pushpak’ at the Aeronautical Test
Range in Chitradurga, Karnataka.
● The RLV LEX-03 which stands for Reusable Launch Vehicle Landing Experiment 3,
demonstrated the autonomous landing capability under more severe wind conditions.
● The Chinook helicopter released the Reusable Launch Vehicle Pushpak at an altitude of 4.5 kms
 from the runway.
About ISRO :
● Established: 15 August 1969
● Headquarters: Bangalore, Karnataka, India
● Chairman: S. Somanath

Biocon Receives European Medicines Agency Approval to Manufacture Bevacizumab for European
Market
● Biocon Biologics Limited. (BBL), a global, integrated biosimilars company and a subsidiary of
Biocon Limited., has received approval from the European Medicines Agency (EMA) to
manufacture biosimilar Bevacizumab at its new, world-class, multi-product monoclonal antibodies
(mAbs) drug substance facility at Bengaluru, Karnataka.
● This approval would provide significant additional capacity to address patients’ needs across
markets in Europe.
● Bevacizumab Usage : Bevacizumab is used to treat various forms of cancer, including colon and
rectal cancer (cancer that begins in the large intestine), non-small cell lung cancer (NSCLC),
glioblastoma (a type of cancerous brain tumour), and cervical cancer.
● The Bengaluru facility had previously been approved to manufacture biosimilar Trastuzumab in
September 2022.
About Biocon Limited :
● Founded: 1978
● Headquarters: Bangalore, Karnataka, India
● Executive Chairman: Kiran Mazumdar-Shaw
● MD & CEO: Siddharth Mittal
● Subsidiaries: Syngene International Limited (Syngene) is a publicly listed subsidiary, operating in
the contract research and development organization sector.
About European Medicines Agency (EMA) :
● Formed : 1 January 1995
● Headquarters : Amsterdam, Netherlands
● Executive Director : Emer Cooke
● Chairperson : Christa Wirthumer-Hoche
 ● Function and History:EMA is an agency of the European Union (EU) responsible for the
evaluation and supervision of pharmaceutical products.
● Prior to 2004, it was known as the European Agency for the Evaluation of Medicinal Products or
European Medicines Evaluation Agency (EMEA).

SpaceX Falcon Heavy Successfully Deploys New Satellite to Track Solar Storms
● SpaceX’s Falcon Heavy, one of the world’s most powerful operational rockets, blasted off
carrying into orbit a new US satellite designed to help weather forecasters monitor massive solar
storms.
● The rocket, consisting of 3 modified Falcon cores, launched from Florida’s Kennedy Space
Center.
● GOES-U Satellite : GOES-U is the 4th and final satellite in a series from NOAA (National
Oceanic and Atmospheric Administration) and NASA.
About SpaceX:
● Founded on March 14, 2002.
● Headquarters in Hawthorne, California, United States.
● CEO & Chairman: Elon Musk.
● Space Exploration Technologies Corporation (SpaceX) is a spacecraft manufacturer, launch
service provider, and satellite communications company.

SPORTS NEWS
Praggnanandhaa secures the top spot in Norway Chess by defeating Carlsen.
• Indian Grandmaster R Praggnanandhaa secured a historic victory by defeating world number one
Magnus Carlsen in the Classical format, emerging as the sole leader in the Norway Chess
tournament.
• At the conclusion of the third round, Praggnanandhaa's tally stands at 5.5 out of nine points, while
Carlsen has slipped to the fifth position.
• Vaishali R secured her first classical win in the Norway Chess Women’s Tournament by defeating
fellow Indian Koneru Humpy.

Indian Mountaineer Satyadeep Gupta Becomes First Person To Scale Mt. Everest And Mt. Lhotse
Twice In One Season
• Indian mountaineer Satyadeep Gupta has etched his name in history by achieving two remarkable
feats: becoming the first person to scale Mt Everest and Mt Lhotse twice in a single season, and the
first Indian to traverse both peaks within a span of 11 hours and 15 minutes.
• Gupta commenced his extraordinary journey by conquering the 8,516-meter-high Mt Lhotse,
followed by scaling the 8,849-meter-high Mt Everest at 12:45 am, midnight.

BFI joins World Boxing but claims it also remains affiliated to IBA
• The Boxing Federation of India (BFI) has agreed to join World Boxing, the International Federation
dedicated to safeguarding boxing within the Olympic Movement.
• The BFI's General Assembly has approved the membership application, which World Boxing's
Executive Board will subsequently ratify.
About World Boxing
• World Boxing, led by President Boris van der Vorst, was launched in April 2023 to preserve
boxing's place within the Olympic movement.
About the Boxing Federation of India
• The Boxing Federation of India serves as the Indian national governing body for amateur boxing
for Olympic purposes and is affiliated with the International Amateur Boxing Association (AIBA).
• Headquartered in New Delhi.
• President Ajay Singh leads it.

Real Madrid Clinches 15th UEFA Champions League Title at Wembley Stadium
• At Wembley Stadium, Real Madrid added another chapter to their illustrious history by securing a
record-extending 15th UEFA Champions League title.
• The Spanish giants displayed their trademark resilience and clinical prowess, clinching a hard-
fought 2-0 victory over a determined Borussia Dortmund side.
• Dortmund dominated proceedings for much of the match, particularly in a one-sided first half,
creating numerous scoring opportunities.

Dinesh Karthik officially announces retirement from all forms of cricket

• Veteran wicketkeeper-batter Dinesh Karthik announced his retirement from all forms of cricket.
• The writing was on the wall following his emotional farewell from the Royal Challengers
Bengaluru (RCB) franchise in the recently concluded Indian Premier League (IPL) season.
 • Impressive International Career Karthik's international journey spanned 180 games across all
three formats, where he amassed 3463 runs, including a solitary Test hundred and 17 half-
centuries.

England Fast Bowler Brydon Carse Banned for Betting

• England’s versatile allrounder Brydon Carse has received a three-month suspension from all
forms of cricket due to a breach of betting regulations.
• The 28-year-old made a staggering 303 bets on various cricket matches between 2017 and
2019, leading to disciplinary action against him.
• Ban Details and Acceptance of Charges Carse, upon accepting the charges, received an initial
16-month ban, with 13 months suspended.

Devarakeshavi Prakasha Manu Secures Gold Medal in Javelin at Taiwan Athletics Open 2024
• Indian javelin thrower DP Manu secured the gold medal at the Taiwan Athletics Open 2024 with an
impressive throw of 81.58 meters.
• Manu's journey to victory began with a strong throw of 78.32 meters.
• Silver Medal: Chao Tsun Cheng of Chinese Taipei with a throw of 76.21 meters.
• Bronze Medal: Chao-Hong Huang, also from Chinese Taipei, with a throw of 71.24 meters.
GM Erigaisi breaks into top-5 in FIDE rating list
• Grandmaster Arjun Erigaisi’s strong showing in the French Team Chess Championship has
helped him reach the fifth spot in the FIDE standings, making him the highest ranked Indian by
live rating.
• Arjun, with a ELO rating of 2769.7, has so far added 8.7 points to his tally, behind Magnus
Carlsen of Norway, USA’s Hikaru Nakamura and Fabiano Caruana and Ian Nepomniachtchi of
Russia.

French Open: Jannik Sinner becomes first Italian World No. 1 after Djokovic withdrawal
• Jannik Sinner became the first ever Italian player to be crowned the ATP World No. 1 in men's
singles competition.
• Sinner achieved the feat after he beat Grigor Dimitrov in the quarter-final of the competition.
 • Sinner was aided by the withdrawal of defending champion Novak Djokovic from the French
Open, ahead of his quarter-final match against Casper Ruus.
• The withdrawal ended the Serb's quest for a record-extending 25th Grand Slam trophy and will
result in him losing the world number one ranking to Italian Jannik Sinner later this month.

Seagram’s Royal Stag Renews Partnership with ICC as Official Supporter for Four Years
• Seagram’s Royal Stag has extended its association with the International Cricket Council (ICC) for
four more years, solidifying the brand’s commitment to cricket and the sport’s global community of
fans.
• The partnership, which will run until the end of 2027, extends Royal Stag’s status as an Official
Supporter, kicking off with the ICC Men’s T20 World Cup in the West Indies and the USA.
• This extension follows the brand’s successful five-year partnership with the ICC between 2018 and
2023.

ISSF World Cup 2024 Munich: India’s Sarabjot Singh wins gold medal in 10m air pistol
● Indian shooter Sarabjot Singh secured India’s first medal at the ISSF World Cup in Munich,
Germany.
● Gold Medal: He claimed the gold medal in the men’s 10-meter air pistol event, scoring an impressive
242.7 points in the final.
● Silver Medal: Shuaihang Bu of the People’s Republic of China.
● Bronze Medal: Robin Walter of Germany.

About ISSF World Cup

● Prestigious Event: The ISSF World Cup is one of the most prestigious shooting tournaments
globally, second only to the Olympics.

● Organizer: Hosted by the International Shooting Sports Federation (ISSF), the event attracts top
shooters from across the globe.

● Establishment: Established in 1907, the ISSF is headquartered in Munich, Germany.

● Annual Schedule: Since 1996, four ISSF World Cups are organized annually, except during
Olympic years when three are held.
● Event Categories: The ISSF World Cup comprises separate competitions for rifle, pistol, and
shotgun events.

Rohit Sharma Makes History in 9th ICC T20 World Cup Cricket Tournament
● The Indian cricket team, led by captain Rohit Sharma, commenced their journey at the 9th ICC T20
World Cup with a convincing 8-wicket win against Ireland.
● Venue: The match took place at the Nassau County International Cricket Stadium in New York,
USA.
● Bowling Excellence: Jasprit Bumrah showcased a remarkable bowling display, taking 2 wickets for
just 6 runs, earning him the prestigious 'Man of the Match' award.
● Record-breaking Achievement: Rohit Sharma, renowned as the "Hitman" for his extraordinary six-
hitting prowess, created history by becoming the first cricketer in the world to smash 600 sixes in
international cricket.

Iga Swiatek eases past Jasmine Paolini to win third consecutive French Open
• Iga Swiatek won her third consecutive French Open championship, defeating Jasmine Paolini of
Italy 6-2, 6-1 in the final.
• Grand Slam Titles: This victory marks her fourth French Open title in five years and her fifth Grand
Slam title overall.
• Consecutive Titles: Swiatek is the third woman to win three consecutive titles at the French Open,
following Monica Seles (1990-1992) and Justine Henin (2005-2007).
• Previous Achievements: Swiatek won her maiden Grand Slam at the French Open four years ago
and claimed the US Open title in 2022.

Magnus Carlsen wins sixth Norway Chess title

• Magnus Carlsen, the reigning World No. 1, secured his sixth Norway Chess Tournament title in a
thrilling conclusion.
• His victory over Fabiano Caruana in an intense Armageddon match showcased Carlsen's
dominance on the global chess stage.
• Indian prodigy Praggnanandhaa Rameshbabu impressed with his talent, holding Hikaru Nakamura
to a tense draw and securing a remarkable third-place finish.
• His subsequent Armageddon victory highlighted his potential in the world of chess.

Sponsorship for Indian Olympians up 2000% in a decade

• Team India's journey to the Paris Olympics has kicked off with a remarkable achievement in
sponsorship.
• The Indian Olympic Association (IOA) has secured approximately Rs 50 crore in sponsorship
revenue from renowned brands and establishments.
• This amount is double the figure attained for the Tokyo Games in 2020 and a staggering 2,000%
increase from the pre-Rio 2016 period.
• Major sponsors and brands supporting the IOA include Reliance Foundation, JSW, Yes Bank, Ebco,
Puma, Adani Sportsline, and Aditya Birla Capital.

Sumit Nagpal Secures Sixth ATP Challenger Tennis Title

• Indian men’s tennis player Sumit Nagpal clinched the men’s singles title at the Heilbronn Neckarcup
2024 ATP Challenger Tennis tournament in Germany.
• This marked his sixth ATP Challenger title, elevating his ranking and making him eligible for the
2024 Summer Paris Olympics.
• In the final showdown on 9 June 2024, Nagpal faced off against Alexander Ritschard of Switzerland
in a thrilling three-set match, emerging victorious with a scoreline of 6-1, 6(5)-7(7), 6-3.

Max Verstappen wins 3rd straight Canadian Grand Prix, completes 60 F1 wins
• Max Verstappen secured victory at the Canadian Grand Prix for the third consecutive year, adding to
his impressive tally of 60 Formula 1 wins and marking his sixth triumph in nine races this season.
• Starting from second position in wet conditions alongside pole-sitter George Russell, Verstappen
showcased his prowess at Circuit Gilles Villeneuve on Ile Notre-Dame, delivering a commanding
performance in the latter stages of the race.
• The 26-year-old Dutchman's victory underscores his remarkable consistency, with an astounding 50
wins in the last 75 Formula 1 races, solidifying his status as a dominant force in the sport.

Lahiri finishes sixth in Liv Houston Golf Series

• India's Anirban Lahiri delivered a commendable performance in the Liv Houston Golf series,
concluding with a solid four-under 68 in the final round, resulting in a total score of 10-under and a
tied sixth finish.
• This marks Lahiri's second top-10 finish, following a similar sixth-place finish in Jeddah earlier in
March.
• Lahiri's round showcased a mix of skill and determination, featuring five birdies, an eagle, and three
bogeys, building upon his earlier rounds of 69-69.

Scheffler wins Memorial to claim fifth title of 2024

• Scottie Scheffler reaffirms his dominance on the PGA Tour, claiming his fifth title of the year with a
memorable win at the Memorial.
• In a departure from the norm, Scheffler's victory at the Memorial was anything but ordinary.
• Despite making just one birdie and closing with a 2-over 74, his highest final round in two years,
Scheffler displayed resilience and nerve to clinch the title.

Jose Molina becomes new Mohun Bagan SG head coach, replaces Antonio Habas

• Mohun Bagan Super Giant have appointed former ATK boss Jose Molina as their head coach for
the upcoming Indian Super League (ISL) season. The club announced the Spaniard’s
appointment on their social media.
• Jose Francisco Molina, who also served as the Technical Director of the Spanish Football
Federation (REEF), will replace compatriot Antonio Lopez Habas who took over duties midway
last season and led the club to their maiden ISL League shield.

India to Host 2025 FIH Hockey Men’s Junior World Cup

● The International Hockey Federation (FIH) has announced that India will host the FIH Hockey Men’s
Junior World Cup in December 2025.
● For the first time, the tournament will feature 24 teams, marking the 14th edition of the Junior
Hockey World Cup.
● The host city will be disclosed at a later date.

• This was announced by FIH President Tayyab Ikram.

Previous Tournament in Kuala Lumpur
● The most recent edition of the FIH Hockey Men’s Junior World Cup took place in Kuala Lumpur,
Malaysia, in 2023.

India's Recent Performance

● In the 2023 tournament, India reached the semi-finals but lost 4-1 to eventual champions Germany.
● They then fell 3-1 to Spain in the third-place playoff, finishing fourth overall.

India as Host Country

● India will host the Junior Hockey World Cup for the fourth time.
● Previous editions were held in New Delhi in 2013, Lucknow in 2016, and Bhubaneswar in 2021.

Puja Tomar scripts history becomes first Indian to win a bout in the UFC
● Puja Tomar made history as the first mixed martial arts fighter from India to secure a victory at the
Ultimate Fighting Championship (UFC).
● In her debut bout in the straw-weight (52kg) category, Tomar clinched a split- decision win over
Brazil's Rayanne dos Santos, with scores of 30-27, 27-30, and 29-28.
● The 30-year-old, nicknamed "Cyclone," signed with the UFC in October last year, becoming India's
first woman to compete in the prestigious MMA promotion.

About UFC
● Ultimate Fighting Championship (UFC) is a prominent American mixed martial arts promotion
company known worldwide.

IPL business value rises by 6.5% to US$16.4bn

● According to a report by Houlihan Lokey, the business valuation of the Indian Premier League (IPL)
has risen to $16.4 billion, marking a 6.5% increase.
● The 'IPL Valuation Study 2024' report indicates that the standalone brand value of the IPL has
grown by 6.3% to reach $3.4 billion over the past year.

Tata Group's Sponsorship Deal

● The Tata Group secured the IPL title sponsorship for an additional five years (2024-2028) at around
$300 million, marking a 50% increase from the previous agreement.

Franchise Highlights
1. Chennai Super Kings (CSK): Leading the league with a brand value of $231 million, CSK has been
consistent, qualifying for playoffs in 12 out of 15 seasons and securing five titles, largely attributed to
former captain Mahendra Singh Dhoni.

2. Royal Challengers Bangalore (RCB): Following closely with a brand value of $227 million, RCB
benefits significantly from star cricketer Virat Kohli's presence.

3. Kolkata Knight Riders (KKR): After a successful season 17, KKR clinched the championship and
holds a brand value of $216 million, securing the third position.
4. Mumbai Indians (MI): Ranked fourth with a brand value of $204 million, MI remains a strong
contender in the league.

Neeru Pathak Sets New U18 National Record in Women's 400m at National Youth Athletics
Championships

● Neeru Pathak delivered a stunning performance at the National Youth Athletics Championships in
Bilaspur, Chhattisgarh, setting a new U18 national record in women's 400m.
● Clocking an impressive 52.85 seconds, she not only secured the gold medal but also surpassed the
qualification mark for the World U20 Championships.
● Her time marks the fourth-best U18 performance globally this year, highlighting her exceptional
sprinting prowess throughout the competition.

● Performance Overview: Neeru Pathak showcased outstanding sprinting skills, dominating Heat 3
with a timing of 54.93s and continuing her strong form in subsequent rounds.
● Men's 400m Champion: Bapi Handsa set a meet-record of 47.12s to clinch gold in the men's 400m,
demonstrating his impressive form despite missing his personal best.
● Women's 100m Victory: Abhinaya Rajarajan claimed the gold in women's 100m with a time of
12.09s, adding to her recent achievements in athletics.

Sumit Nagal Achieves Career-High ATP Singles Ranking of 71

● Sumit Nagal, India's rising tennis star, has reached a career-best ATP singles ranking of 71, marking
a significant milestone in his career trajectory.
● This achievement follows closely on the heels of his previous best ranking of 77, highlighting his
rapid ascent in the ATP rankings.

● Olympic Qualification: With a commendable 777 ATP points, Nagal has secured his place as India's
sole representative in men's singles at the upcoming Paris Olympics.
● 2024 Highlights: His year began with a notable run at the Australian Open, reaching the second
round, and included victories at the Heilbronn Neckarcup in Germany and the Chennai Open.
● Upcoming Events: Nagal is set to compete in the main draw of Wimbledon followed by the
prestigious Paris Olympics at Roland Garros, highlighting his packed schedule on the global stage.

● Top 5 rank are:

Jannik Sinner- Italy
 Carlos Alcaraz- Spain
Novak Djokovic- Serbia
Alexander Zverev- Germany
Daniil Medvedev- Russia

Neeraj Chopra Wins Gold medal at Paavo Nurmi Games

● India's Olympic and world champion javelin thrower, Neeraj Chopra, claimed his maiden gold medal
at the Paavo Nurmi Games, showcasing his dominance upon returning to competitive action after a
month-long break.

● Gold Medal Performance: Neeraj Chopra secured the gold with a throw of 85.97m in his third
attempt, leading the field for most of the competition.
● Silver and Bronze: Toni Keranen won the silver with a personal best of 84.19m, while 2022 gold-
medallist Oliver Helander took bronze with 83.96m.
● Previous Performances:

⮚ Doha Diamond League: Chopra began his season in May, finishing second with a throw of
88.36m, the ninth-best mark of his career.

⮚ National Federation Cup: He also secured gold at the National Federation Cup Senior
Athletics Championships in Bhubaneswar with a throw of 82.27m.

● Upcoming Events: Chopra will compete next at the Paris Diamond League on July 7.
● Event Background: The Paavo Nurmi Games, held annually since 1957 at the Paavo Nurmi Stadium
in Turku, Finland, became part of the IAAF World Challenge in 2017.

World Athletics Championships 2023: Neeraj Chopra becomes the first-ever Indian world champion to
win gold
● India’s Neeraj Chopra made history again by winning the gold medal in the men’s javelin throw at
the World Athletics Championships 2023 held in Budapest, Hungary.
● With an outstanding throw of 88.17 meters, the Olympic champion became the first Indian athlete
to clinch a gold medal at the senior world championships.
Verstappen wins third Spanish GP in a row
● Max Verstappen notched his third consecutive victory at the Spanish Grand Prix, kicking off the
triple-header race weekends with a dominant performance in Barcelona.
Lindblad Makes History as Youngest-Ever F3 Feature Race Winner
● Arvid Lindblad achieved a remarkable milestone by becoming the youngest-ever winner of an F3
Feature race, highlighting his burgeoning talent in motorsport.

Smriti Mandhana becomes the first Indian woman cricketer to score consecutive centuries in ODIs.
● Smriti Mandhana, renowned for her aggressive batting style, created history in Indian cricket
during the recent ODI series against South Africa.
● She became the first Indian woman cricketer to score consecutive centuries in ODIs.

Cummins creates history with second consecutive T20 World Cup hat-trick
● Australia's Pat Cummins has achieved a remarkable milestone in T20 World Cup history by
becoming the first bowler to secure consecutive hat-tricks in the tournament.

Indian recurve mixed team wins bronze medal in Archery World Cup
● India's recurve mixed team of Dhiraj Bommadevara and Bhajan Kaur displayed exceptional skill
to secure a bronze medal in the Archery World Cup Stage 3.
● Medal Tally: This bronze marks India's third medal at the event, with prospects for more as Dhiraj
Bommadevara and Ankita Bhakat advance to their individual semifinals.

● Additional Achievements: Earlier, the Indian women's compound team comprising Jyothi Surekha
Vennam, Aditi Swami, and Parneet Kaur secured a gold medal, while Priyansh claimed a silver in
their respective events.

Jessica Pegula knocks out Coco Gauff in semis, beats Anna Kalinskaya to win Berlin Open
● Jessica Pegula emerged victorious at the Berlin Open after a series of compelling matches,
including a rain-interrupted semi-final against top seed Coco Gauff and a final against Anna
Kalinskaya.

Sinner beats Hurkacz to win first title on grass at Halle Open

● Italian world number one Jannik Sinner secured his first grasscourt title by defeating his doubles
partner Hubert Hurkacz 7-6(8), 7-6(2) in the Halle Open final.

Indian Wrestlers Shine at Under-17 Asian Wrestling Championships

● India concluded their campaign at the Under-17 Asian Wrestling Championships in Amman,
Jordan, with an impressive tally of 11 medals: four gold, two silver, and five bronze.
Women Wrestlers Dominate:

● Gold Medalists: Dipanshi (46 kg), Muskan (53 kg), Rajnita (61 kg), and Mansi Lather (69 kg)
showcased exceptional performances in their weight categories, securing gold medals.

● Silver Medalist: Raja Bala displayed determination in the 40 kg category, earning a silver despite
fierce competition.

Men's Achievements:

● Silver Medal: Samarth Gajanan Mhakave demonstrated skill in the 55 kg category, claiming a
silver medal.

● Bronze Medalists: Akash (65 kg), Sachin Kumar (71 kg), Bikash Kacchap (48 kg), Tushar
Tukaram Patil (60 kg), and Ronak (110 kg) exhibited their prowess with bronze medal victories.

Anush Agarwalla to Make Historic Olympic Debut in Dressage for India

● Anush Agarwalla, an Asian Games medallist, has been chosen by the Equestrian Federation of
India (EFI) to represent the nation in the dressage event at the upcoming Paris Olympics.
● His selection came after edging out competitor Shruti Vora with superior average scores.
● Historic Milestone: This decision marks a historic moment for India, as it signifies the country's
inaugural entry into the Olympic dressage competition.
IOA's Enhanced Cash Awards for Paris Olympic Games 2024

● The Indian Olympic Association (IOA) has announced substantial cash awards for Indian athletes
achieving medals at the Paris Olympic Games, scheduled from July 26 to August 11, 2024.
● Silver Medalists: Rs 75 lakh
● Bronze Medalists: Rs 50 lakh

Comparison with Government Awards:

● These awards are in addition to the government's existing scheme:

o Gold Medal: Rs 75 lakh

o Silver Medal: Rs 50 lakh

o Bronze Medal: Rs 30 lakh

Travis Head Becomes World No. 1 in ICC T20I Men’s Batting Rankings

● Travis Head, the Australian opener, has ascended to the No. 1 spot in the ICC T20I Men’s
Batting Rankings.
● Head moved up four places following his stellar T20 World Cup 2024 performance.
● Head replaced India’s Suryakumar Yadav, who previously held the top position.

Top Five Batters

1. Travis Head (Australia)

2. Suryakumar Yadav (India)

3. Phil Salt (England)

4. Babar Azam (Pakistan)

5. Mohammad Rizwan (Pakistan)

Carlos Alcaraz: The Youngest Male to Conquer All Three Courts

● In June 2024, Carlos Alcaraz clinched his first French Open title, making him the youngest male
tennis player to win Grand Slam titles on all three surfaces: hard, grass, and clay.

● Alcaraz joins an elite group of six other male players who have achieved this feat: Mats Wilander,
Jimmy Connors, Andre Agassi, Rafael Nadal, Roger Federer, and Novak Djokovic.

Team India clinches its second ICC T20 World Cup title against South Africa
● India clinched its second T20 World Cup title after beating South Africa by seven runs in the final
at the Kensington Oval, Bridgetown, Barbados.
● The title triumph ended India's 11-year ICC trophy drought, dating back to the ICC Champions
Trophy in 2013. This is India’s second T20 World Cup victory after they had won it in 2007 and
first since winning the Champions Trophy in 2013.
● India's ICC trophy cabinet now contains six titles. It has won the ODI World Cup twice (1983,
2011), the T20 World Cup in 2007 and 2024, and the ICC Champions Trophy in 2002 and 2013.
● Virat Kohli was declared the Player of the Match award for his fabulous innings. Pacer Jaspreet
Bumrah was awarded the Player of the Tournament.
 BOOKS AND AUTHOR
Bill Gates announces release of personal memoir in 2025
• Microsoft co-founder Bill Gates announced the release of his memoir titled Source Code: My
Beginnings, set to hit the shelves on February 4, 2025.
• The book, currently available for pre-order, will chronicle Gates's life from childhood up until the
formation of Microsoft in 1975.
• In a blog post, Gates revealed that his memoir will delve into the more challenging aspects of his
early life, including feeling like a misfit during childhood, clashing with his parents as a teenager,
dealing with the sudden loss of a loved one, and almost being expelled from college.

OBITUARIES
British TV Presenter Michael Mosley Discovered Dead on Greek Island
● British TV presenter and advocate for healthy living, Michael Hugh Mosley, has been discovered
dead on the Greek island of Symi at the age of 67.
● Mosley was born in Calcutta, India, on 22 March 1957.
● He was a prominent British television journalist, producer, presenter, and writer, known for his
work with the BBC starting from 1985, following his medical school education.

Mumbai Cricket Association Honorary President Amol Kale Passed Away in New York
● Amol Kale, aged 47, and the honorary president of the Mumbai Cricket Association (MCA),
passed away due to a cardiac arrest in New York.
● Kale, along with MCA secretary Ajinkya Naik and apex council member Suraj Samat, had
attended India’s thrilling victory against Pakistan in the T20 World Cup from the stadium on June
9, 2024.
● Hailing from Nagpur, Kale was based in Mumbai for well over a decade, setting up a variety of
businesses.
About Mumbai Cricket Association :
● Founded : 1930
● Headquarters : Mumbai, Maharashtra
Malawi Vice President Dr Saulos Chilima Dies in Plane Crash Alongside 9 Others
• Malawi's Vice President Saulos Chilima and 9 others were killed in a plane crash.
 • President Lazarus Chakwera confirmed there were no survivors.
• The wreckage was found in a mountainous area in northern Malawi.
• The aircraft was en route from the capital city, Lilongwe, to Mzuzu in the north when it
disappeared from radar.
• The plane carried Vice President Chilima and former first lady Shanil Dzimbiri, among others.
About Malawi :
• Capital and Largest city : Lilongwe
• Currency : kwacha
• Malawi is a landlocked country in Southeastern Africa.
• It is bordered by Zambia to the west and Tanzania to the north and northeast

Renowned Sports Journalist Harpal Singh Bedi Passed away

● Veteran sports journalist Harpal Singh Bedi, renowned for his extensive coverage of Indian
sports over a career spanning more than four decades, passed away at the age of 72 in New
Delhi.
● Bedi, the former sports editor of United News of India (UNI), was a towering figure in Indian
sports journalism.
● He served as a consulting editor for the Statesman newspaper.

T. Padmanabha Rao, The Hindu’s former legal correspondent passed away

● T. Padmanabha Rao, The Hindu’s former Legal Correspondent who had a reputation for covering
the Supreme Court with balance and accuracy, passed away at the age of 91 in New Delhi.
● Known as T.P. Rao among his colleagues, he joined The Hindu in November 1962 and served
for nearly 40 years.
● For over two decades on the Supreme Court beat, he was known for his impeccable journalism.
● He retired from service on October 31, 2002.

PT Nair, Kolkata’s famed chronicler, passes away

● Researcher, historian and author Parameswaran Thankappan Nair (91), who spent more than six
decades in Kolkata and was considered an authority on the city’s history, died in Kochi, Kerala.
● Known as the “barefoot historian” of Kolkata.
 ● In Calcutta in the 1950s, Nair’s first job was the role of a typist at a private firm.
● In 1976, he started living in the Kansaripara Road area and in 2018, after six decades, the 86-
year-old eventually gave in to the requests of his family members in Kerala and bid farewell to
Kolkata, a city he lovingly chronicled in more than 60 books.

Canadian Actor Donald Sutherland Passed away

● Donald Sutherland, the Canadian actor whose wry, arresting screen presence spanned more
than half a century of films from M.A.S.H. to The Hunger Games, has passed away at the age of
88.
● Sutherland, who was born in 1935 in Saint John, New Brunswick, Canada.
● He had a more than seven-decade cinematic career, was well-known for his appearances in
Pride and Prejudice, M*A*S*H, The Hunger Games, and Ad Astra, among many more films.

Former Indian Fast Bowler David Johnson Passed away

● Former Indian pacer David Johnson passed away at the age of 52 in a tragic incident where he
fell from the balcony of his fourth-floor apartment in Bengaluru, Karnataka.
● David Johnson hailed from Arasikere, Hassan district, Karnataka, and was known for his fast
bowling prowess.
● His impressive performance, including a notable bowling spell of 10 for 152 against Kerala in the
1995-96 Ranji Trophy season, highlighted his talent.
● Johnson's last competitive appearance came in the Karnataka Premier League in 2015.

Nissar Ahmad, Senior Photojournalist at The Hindu, Passed Away

● Senior photojournalist Nissar Ahmad, who was associated with The Hindu for 25 years, died of
cancer in Srinagar at the age of 59.
● He had joined The Hindu on August 1, 1998.

Frank Duckworth, Co-Inventor of the DLS Method and Renowned English Statistician, Passed Away
● English statistician and one of the inventors of the Duckworth-Lewis-Stern (DLS) method, Frank
Duckworth passed away at the age of 84.
● Duckworth was born in 1939 in Lytham St Annes, Lancashire, England.
What is meant by the Duckworth-Lewis-Stern (DLS) method?
● The Duckworth-Lewis method, devised by Duckworth and fellow statistician Tony Lewis, was
introduced to determine results in rain-affected cricket matches.
● The method was first used in international cricket in 1997 and was formally adopted by the ICC
as the standard method for setting revised targets in truncated games in 2001.
● The method was renamed the Duckworth-Lewis-Stern method after the retirement of Duckworth
and Lewis, followed by some modifications by Australian statistician Steven Stern.
● Recognition and Awards : Duckworth and Lewis were both awarded MBEs (Member of the Order
of the British Empire) in June 2010.
● Functionality of the DLS Method : The DLS method is based on a complex statistical analysis
that considers many factors like wickets remaining and overs lost, among others, to set a revised
target for the team batting second.

Former Foreign Secretary Muchkund Dubey, Who Led During Cold War's End, Passed Away
● Former Foreign Secretary Muchkund Dubey, who steered India’s foreign affairs establishment
towards the end of the Cold War and the post-Cold War phase in the early 1990s, passed away.
● Dubey born in 1933 in Jasidih (then part of Santhal Pargana, Bihar, now Jharkhand), joined the
Indian Foreign Service (IFS) in 1957.